A Chinese Perspective on the US Debt

US public is paying the price

By Liu Weidong (China Daily)

 

The US debt crisis has drawn much criticism both at home and aboard. It is inconceivable to many people that as the only superpower in the world the US was locked in a struggle that threatened to bring the wheels of state to a halt had the politicians not arrived at a last-minute compromise to raise the nation's debt limit in order to avoid a debt default.
As a country that always boasts it has the most "perfect" democratic system in the world, the US is not doing well in its domestic affairs and the debt crisis has exposed the defects rather than the advantages of its system. Even many US citizens have appealed for introspection and reform of the country's political system.

APEC 2011 in Hawaii

 President of Peking University Xu Zhihong
and Peking University Professor Don Eads

 APEC 2011 IN HAWAII

This is a tremendous opportunity for not just Hawaii but all of America to engage in the issues of trade, deficits, and working agreements to enhance cooperation and increase trust, especially between the US and China. 

 

US VP Biden to visit China, Japan, Mongolia

WASHINGTON- US Vice President Joe Biden will start his visits to China, Mongolia and Japan on August 16, the White House said on Thursday.
The White House said that Biden visits China at the invitation of his Chinese counterpart Xi Jinping, the first of the planned reciprocal visits between the vice presidents announced during Chinese President Hu Jintao's state visit to the United States in January.
"While in China, the vice president will meet with Vice President Xi and other Chinese leaders, including President Hu and Premier Wen Jiabao, to consult on a broad range of bilateral, regional and global issues," the White House said in a statement.

How a Debt Default Might Be Viewed in China

This article by David Millar outlines steps that the Chinese government might take in this game of economic chicken played out in the US government. 

Like most summer blockbusters, we're all pretty sure we know how this is going to end.
Choose your hero: the noble Mr. President, or the brave Mr. Boehner. Contemplate the danger: the shameful triumph of the rich and powerful, or a pathetic capitulation to big government. Now savor the predictable ending -- a high-stakes finale, followed by a last-minute victory over the forces of evil. It's as if Washington hopes to compete with Captain America for next weekend's box office returns.

Massive oil spill shuts down Jilin tollway

What a mess this caused with traffic backed up 11 kilometers or more.  

 

An oil-leaking accident occurred on the loop expressway in Changchun, capital of Northeast China's Jilin province, July 28, 2011. An oil tank was hit by two fallen containers from a passing truck, which led to massive raw oil leaking. As of 12:30, local firefighters had fixed the leak. Large numbers of vehicles were found stranded on the expressway and the vehicle procession reached as long as 8 kilometers. [Photo/CFP]

Is China's economy actually a train wreck waiting to happen?

A turning point for China?

Jul 27, 2011 22:48 EDT

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By George Chen
The opinions expressed are the author’s own.
Is the train crash tragedy becoming a turning point for China’s political and economic development?
Frustrations among the Chinese public have been growing rapidly — at least on the internet if not yet in the streets. People are particularly unhappy with the way the Ministry of Railways has dealt with the train accident, which so far has cost 39 lives.
It has now turned into a full-blown crisis. Shen Minggao, chief Greater China economist for Citigroup, said in his latest research note to clients that the train tragedy could become “a turning point in the China growth model.”

Heading to Beijing?