US President Barack Obama already unveiled an uncompromising challenge to Republic of China, he uses the big stage of the G20 summit of world powers to demand Beijing’s help to rebalance and reorganize the economy world economic status.
The G20 leaders, on behalf of both the world’s reputable economic giants and its dynamic infinite powers, settled an agreement to cut deficits, stimulate growth, and bring back the stability to financial markets.
On the other hand, President Obama went further than the gently worded joint statement, via his post-summit press conference to remind the Republic of China that the US are expecting to allow its currency to rise and to minimize its enormous trade surplus.
“My expectation is that they’re going to be serious about the policy that they themselves have announced,” Obama mentioned on Sunday, welcoming China’s announcement last week that it would allow more flexibility in the Yuan exchange rate.
As the world is being banished by worst recession since the 1930s, US law and policymakers fear the recovery will restore the unmerited trade across the Pacific in Chinese products maintained cheap by the low level of the Yuan.
“After years of taking on too much debt, Americans cannot — and will not — borrow and buy the world’s way to lasting prosperity,” the president said in an implicit swipe at export-driven economies such as China and Germany.
“No nation should assume its path to prosperity is paved with exports to America. Indeed, I’ve made it clear that the United States will compete aggressively for the jobs and industries and markets of the future,” the president said.