China has emerged as America’s favorite scapegoat: American economist
by admin | Posted on Monday, 23 July 2018 09:36 AM
(lChinese President Xi Jinping U.S. President Donald Trump at Mar-a-Lago state in Palm Beach, Florida, U.S., April 6, 2017. REUTERS/Carlos Barria/File Photo
American politicians like to blame others for their own problems, and China has emerged as America’s favorite scapegoat, said American economist Stephen Roach.
Stephen Roach, a senior fellow of the Jackson Institute of Global Affairs under Yale University, made the statement in an interview with China Central Television (CCTV) in New York on July 13.
In his book “Unbalanced: The Codependency of America and China”, Roach discussed what caused the trade deficit of the U.S. to China, and argued that the “low-saving” culture and the “enjoy-now-pay-later” lifestyle of the U.S. are the main reasons behind the trade deficit.
“When you don’t save but you want a growth, you must import surplus savings from abroad, and to do that, you run a big balance of payments deficit, and trade deficits with many countries to attract foreign capital. Last year, we had trade deficits with 102 individual countries. That’s an outgrowth of our saving-investment imbalance, not a reflection of China doing damage to us through currencies, unfair trade practices or industrial policy as the Trump Administration is trying to convince the Americans to believe,” said Roach.
Roach had worked in the American investment bank Morgan Stanley for over three decades and cooperated with many Chinese companies. He has his own experience of working with China Construction Bank to establish China International Capital Corporation Limited when he was at Morgan Stanley as an example to refute the so-called “forced-technology transfer”.
“We worked together. Of course, we shared people, we shared systems, we shared solutions, we shared strategies. It was nothing forced about that. We wanted to build a successful business. That’s what joint ventures are all about,” said Roach.
Roach continued to say that China has emerged as America’s favorite scapegoat, and it was fundamentally because of the U.S. political system.
“Why is it that we need to blame others for our problems? I think it goes back to the value proposition behind our political system. We have a very short-term political horizon. We have our House of Representatives gets reelected every two years, senators every six years, the president every four years. None of them can admit that they may have made a mistake in governing, passing laws. And rather than admit that they make mistakes, they find it very convenient to blame others for issues that arise in the United States with respect to income inequality, jobs, real wages,” said Roach. — Reuters
by UNTV News and Rescue | Posted on Thursday, 21 March 2019 05:52 PM
BEIJING, China – Foreign Affairs Secretary Teddy Locsin has met with Chinese Foreign Minister Wang Yi on Wednesday (March 20) where the two officials discussed matters pertaining to issues that concern both countries.
Wang assured the Philippines that China will cooperate with all member states of the Association of South East Asian Nations (ASEAN) in crafting the long-stalled Code of Conduct in the South China Sea in the next three years.
China also raised the possibility of discussing its flagship Belt and Road program.
“China will work together with the Philippines and other ASEAN countries, to remain determined, exclude interference, and strive to finish negotiations on the COC by the end of 2021, and make it a real stabilizer for the South China Sea situation,” Wang said.
In April, the Philippines and China will meet to discuss the China-Philippine Bilateral Consultation Mechanism.
Locsin confirmed, meanwhile, that President Rodrigo Duterte will attend the second Belt and Road Forum in China scheduled next month.
The official added that the Philippine government is working on strengthening its political trust with China to further boost the two countries’ bilateral cooperation which include programs on maritime cooperation and peace and navigational stability.
“Between the Philippines and China, which have always been friends and never enemies, resisting attempts by the great powers of the previous century to use our proximity against each other rather than for each other’s benefit,” Locsin said.
“Early on, I am proud to say that I was part of an effort to bring our countries close together,” the Foreign Affairs Secretary concluded. — Marje Pelayo (with reports from Rey Pelayo)
by UNTV News | Posted on Friday, 15 March 2019 12:22 PM
Foreign Affairs Secretary Teodoro Locsin Jr. will embark on a four-day official visit to China next week, the Department of Foreign Affairs announced Thursday (March 16).
The official visit will take place from March 18 to 21, upon the invitation of Chinese State Councilor and Foreign Minister Wang Yi.
“Secretary Locsin and his Chinese counterpart will hold a bilateral meeting to discuss the strengthening of the friendly relations between the Philippines and China in the spirit of mutual respect and through enhanced functional cooperation,” the DFA said in a statement.
The two foreign ministers are also expected to tackle ways to advance the larger goal of “bringing peace and prosperity to the region.”
This will be Locsin’s first visit to China since assuming the post in October last year.
The Duterte administration has been vocal on its intent to forge stronger economic ties with China despite a maritime dispute over the South China Sea.
The incumbent government has opted to hold a bilateral consultation mechanism with China to settle the dispute, setting aside discussions on the permanent court of arbitration’s ruling on the contested waterways.
In 2016, the international tribunal ruled in favor of the Philippines’ arbitration case against China’s expansive nine-dash line claim over the South China Sea. – Robie de Guzman
by UNTV News | Posted on Wednesday, 6 March 2019 05:48 PM
Philippine Defense Secretary Delfin Lorenzana said on Wednesday he has already directed the military to validate the report on the alleged harassment of Filipino fishermen in sandbars near Pag-asa Island.
The Department of National Defense (DND) said in a statement that there has been no substantiated report from its units on the ground that can confirm claims made by Kalayaan Mayor Roberto del Mundo, based on the initial communication from the Armed Forces of the Philippines (AFP) Western Mindanao Command (WESCOM).
“The AFP, through the Naval Forces West under WESCOM, will nonetheless continuously validate and report any information relevant to Mayor del Mundo’s claims,” the DND statement read.
Earlier this week, Mayor del Mundo claimed that more than a dozen Chinese vessels were sighted near Pag-asa Island and were intimidating Filipino fishermen.
The local official further said the Chinese vessels are driving local fishermen away from Sandy Cay which is situated between Pag-asa Island and China’s artificial island in Subi reef.
Pag-asa island (also known as Thitu island) is the seat of the Palawan municipality of Kalayaan.
The DND, however, noted that the said area where the alleged harassment occurred is a traditional fishing ground for the Philippines and other countries, including China and Vietnam.
AFP WESCOM has also urged people from Pag-asa Island to continue their activities in the said area since “it has been observed that they have not been fishing in the vicinity of the sandbar, even before the Chinese fishing vessels were sighted in the area,” the DND added.
A sheltered port in Pag-asa is now being constructed to help local fishermen, the DND said.
A maritime law expert, meanwhile, urged the Philippine government to use the reported harassment to intensify its monitoring and patrol operations in the disputed territories in the West Philippine Sea.
Professor Jay Batongbacal, director of the University of the Philippines (UP) Institute for Maritime Affairs, also believes that filing a diplomatic protest over the said incident is necessary even if the Duterte administration is keeping a careful tread amid its warming relations with China.
“A protest is necessary, even a quiet one, just to make sure that we will never be seen as having accepted the situation,” Batongbacal said.
“I guess the best response was simply to increase vigilance and for our people to continue what they are doing,” Batongbacal added. – Robie de Guzman (with a report from Correspondent Nel Maribojoc)
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