U.S. President Barack Obama revealed China’s unpleasant trade and currency policy during the APEC summit

U.S. President Barack Obama revealed China’s unpleasant trade and currency policy during the APEC summit

United States President Barack Obama expressed that America is displeased with China’s odd trade and currency policies.

During the end of a news conference at the Asia-Pacific Economic Cooperation summit Obama stated “Enough’s enough”. He also gave an idea of pan-Pacific free trade zone and also trade promote green technologies.

Obama told reporters after hosting the 21-nation APEC summit in his native Honolulu. “We’re going to continue to be firm that China operates by the same rules as everyone else. We don’t want them taking advantage of the United States."

While talking to the reporters he used harsh language to express the strategy used by China. He demanded for a levelled playing field for U.S. and other countries.

A day earlier Obama had a talk with China’s President Hu Jintao and demanded to stop the “gaming” in the international economic sector.

On the occasion China expressed its view over the statement delivered by Obama during the APEC summit.

A deputy director-general at China’s Foreign Ministry, Pang Sen said, "First we have to know whose rules we are talking about.”

“If the rules are made collectively through agreement and China is a part of it, then China will abide by them. If rules are decided by one or even several countries, China does not have the obligation to abide by that," Sen added.

Obama also insisted that China artificially keep its currency low that affected American companies and jobs. He demanded to that China should allow its currency to rise faster.

He also claimed that China falsifies that it is yet a growing country, actually it is grown up. Considering it economic maturity China should behave maturely in global economic affairs.

Even as Obama issued the veiled threat of further punitive action against China, it was unclear how much of his tough rhetoric was, at least in part, political posturing aimed at economically weary U.S. voters who will decide next November whether to give
him a second term.

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Posted by Samer Ahmed on Nov 14 2011. Filed under World. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry