Thursday, January 20, 2011
US looks to Chinese market to increase exports, spur job growth
On Wednesday, in the midst of Chinese President Hu Jintao's weeklong visit to Washington, President Obama summoned a handful of American corporate elites to join him at the White House for a trade summit with the visiting Chinese envoy. Specifically, President Obama and his corporate heavyweights sought to intensify their focus on US-China trade relations by increasing US exports to the ever-growing Chinese market. During the summit both parties hashed out the details of a brand new $45 billion package that aims to increase exports from corporations as GE, Boeing, and Microsoft. In my opinion, the United States reached a pivotal benchmark with this dealing because they properly acknowledged that China is their best customer.
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3 comments:
I think the post above me is a spam? Well, at least it's related to economics.
Anyway, I think this is a great idea to increase the exports in an attempt to create more jobs for American companies here and to balance the trade as well.
I agree with you that America has acknowledged how important China is in terms of economic trade.
I also agree with you- I think this was a real great decision made and will be mutually beneficial.
However, I do think that the concern over China's lack of enforcement of intellectual property laws is very worrisome. I think we need to figure out a way to change that in the future because otherwise trade is somewhat irrelevant if people are obtaining the products for free.
With how the US economy has been lately it doesn't seem like we are in any position to be getting picky about what countries we are choosing to amp up our trading with. This being said, it does seem a little like the Chinese are choosing to do business with American companies of which they can steal their technology. Hopefully this is not the case and these American companies can create healthy relationships with the Chinese and both sides are able to benefit socially and economically in the end.
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