June 19th, 2010
11:40 PM GMT
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Hong Kong, China (CNN) – China’s surprise announcement that it will continue floating its currency after a nearly two-year hiatus is catching the financial world by surprise.

After Chinese leaders denied for months they  would cave to international pressure, the Saturday announcement by China’s central bank is widely seen as a way to defuse the issue from being raised at next week’s G-20 summit in Toronto, especially since China’s May exports shot up nearly 50 percent year-on-year. But is that the whole story?

China is notorious for playing its cards close to its chest. In an interview with state-run news agency Xinhua in December, Chinese Premier Wen Jiabao said China would “absolutely not yield” to international pressure to raise the trading value of the yuan, which the Peterson Institute for International Economics had claimed was 40 percent under its market value against the dollar at the time. Wen echoed his refusal to budge at the March Chinese parliamentary meeting.

But now, China clearly sees an advantage to floating the yuan. Why?

The World Bank released a report on Friday that again urged China to strengthen its currency as a way to encourage domestic consumption and reduce inflation. A stronger yuan also would cut import costs for resource-hungry China.

Still many expected the euro's recent dramatic decline would forestall China’s move to end its peg to the U.S. dollar. Collectively, the eurozone is China’s largest trading partner and its weaker currency keeps Chinese goods competitive.

But now a different story line is emerging – we may actually see China’s yuan drop in value once it is allowed to float.

The Peterson Institute last week revised its estimates on the yuan to say it believes the yuan is now 24 percent overvalued against the dollar. Over the weekend, economist Nouriel Roubini told Reuters that if the euro continues its slide the yuan “would have to be allowed to depreciate relative to the dollar, a paradoxical outcome."

So will this help defuse economic tensions between the U.S. and China?  So far, Western leaders are giving very broad applause to the move. If the yuan, however, begins to move down, that applause is sure to be short-lived.



soundoff (77 Responses)
  1. tankdriver

    You can bet that if the Chinese government decided to make this bold move, that it's ONLY reason to do so is because it will benefit China only. They have proven time & again their only concern is "China", & that they don't give a d–m about anyone or anything else. Please note that I said the GOVT.,( not the Chinese people, who are a wonderful hardworking people).

    June 20, 2010 at 12:34 am |
  2. Ruben

    Congratulations Mr President. Since you enter the White House China is chnging its way to deal with the US, This is something that the business people were expecting for a very long time now. China is also cooperating with the global warming by monitoring its truck in daily basis an approach that we suppose to mimicker now not in 5 or 10 more years. we all know we supposed to be watching china close but this is an emerging power and we suppose to be guide them and exchanging ideas. This is only a small step but is a step forward. some how bring a release after all the damage that the spill is causing to the administration but you already secured the money but the fear mongers are trying to opaque the good news is there is any in this spilling act, by an act that every day that pass i more incline that it was provoke May God continue blessing your administration Mr President.

    June 20, 2010 at 12:51 am |
  3. bill

    china now is getting belted again. they will be belted more tightly by US guys.

    June 20, 2010 at 2:26 am |
  4. JGBHimself

    We need to remember WHEN China pegged the Yuan – July 08. Six months after the collapse of "securitized RE mortgages", and the same month they stopped buying FMae&FMac bonds. Two months later W "nationalized" both FMae&FMac and began shifting China's TBill purchases over to buy FMae&FMac mortgages, so F&F could begin to continue to make U.S. home loans.

    They were terribly worried about the value of their US$ 1.5 Trillion investments in U.S. – part TBills and part FMae&FMac RE bond.

    IF China had allowed their dollar to rise, when ours was falling against the Euro, they would have taken a one-for-one hit for every increase in the Yuan equal to a loss on their money with U.S.

    Now, the Euro & their largest trading partner has collapsed, to save THAT foreign market, the Yuan needs to fall. Be very careful what you ask for, you might get it.

    Note: for each percent drop in the Yuan, China will make an equal gain on their money with U.S.

    June 20, 2010 at 2:50 am |
  5. msm

    tankdriver – "You can bet that if the Chinese government decided to make this bold move, that it's ONLY reason to do so is because it will benefit China only."

    I always get a kick from ppl like you tankdriver. You describe what any sovereign country does, which is to safe guard their own country's interests, yet you make it seem as if china is alone in what it does. Then end with the usual "I love Chinese people" cliche to preempt criticism.

    June 20, 2010 at 2:54 am |
  6. DanielValette

    it's really out of A's bussiness. C public the policy only depending on his condition. just like American annouce its policy which can benefit itself, not for others. just like ivading iraq, not for the benefit of iraq's ppl, only for the oil in this reign.

    June 20, 2010 at 2:59 am |
  7. David

    Expect them to lock it back in again as soon as it looks like its value is going to go back up.

    June 20, 2010 at 3:02 am |
  8. equake

    tankdriver – "You can bet that if the Chinese government decided to make this bold move, that it's ONLY reason to do so is because it will benefit China only."

    US is doing just the same, all the time.

    June 20, 2010 at 4:41 am |
  9. well

    it amazes me how easy china can manipulate west by doing basically nothing...Really Great China! US/UK/Fra/Ge/Ca will walk empty hands from G20

    June 20, 2010 at 5:40 am |
  10. sayhello0927

    U.S is just a country.

    June 20, 2010 at 6:06 am |
  11. da ma

    you amercan goverment for ages have been and up to now continue to exploit poor people in the world for their greedy self and make wars to that evil end A very recent examples Invade Iraq under false pretext mainly FOR OIL and not to Free the people in true fact ENSLAVE them also

    AFGANSTAN for the vast mineral resources in a very poor country SHAME ON YOU US ADMINSTRATION DA MA

    June 20, 2010 at 7:26 am |
  12. fei

    But now, China clearly sees an advantage to floating the yuan. Why?
    i don't know~

    June 20, 2010 at 8:14 am |
  13. da ma

    fei for your answer read my above comment ! MONEY AND POWER pounder on that and you may have your answers DA MA

    June 20, 2010 at 9:04 am |
  14. twowill

    As for all governments, they have to be reminded that "us" the citizens are their shareholders,and ofcoarse only make decisions that benefit their shareholders

    June 20, 2010 at 9:13 am |
  15. da ma

    bill WAKE UP to the truth that the us government has been misleading its own people for decades and did and still doing bad things to people and countries including america itself WHAT A SHAME ! US is a great country and in a position to deliver a lot of good and inspiration to the world Now its not too late to turn the tide and be an example for GOOD to the world at large GOOD LUCK AMERICA AND THE AMERCIAN PEOPLE DA MA

    June 20, 2010 at 9:28 am |
  16. koh kim lock

    do u think the westerners will do anything good for the chinese if not their own govt. of course the chinese should think for themselves .

    June 20, 2010 at 9:47 am |
  17. Keso

    Tankdriver. In what way is this different from the U.S, U.K., France or any other major power out there. They are all in it for themselves and don't give a damn about anyone else.

    June 20, 2010 at 10:01 am |
  18. Stephen

    China is not just an emerging economic power, it has many in its government and military that want to control Asia. Everyone is always so pissed at the Americans for the control they take in policing the world. I wonder how many of you would change your minds if China was policing the world. A totally different world I think...

    (from Stephen, an American living in China)

    June 20, 2010 at 10:30 am |
  19. jd1227

    it defiantly is a bold move on China's behalf i do believe however that the main reason they are doing it is because it will benefit them but there will be benefits for other countries as well (USA)

    June 20, 2010 at 10:47 am |
  20. physics

    China's peg of the yuan makes it cheaper for Americans to buy Chinese good (but expensive for Chinese to but American goods).
    If China is exporting their goods for cheap and USA is importing these cheap but high quality goods then USA has the advantage. Shouldn't we be thinking in terms of wealth and not in terms of money? Am I missing something? Or am I hopelessly confused?

    Take a case where China makes a product actually worth say 1 barrel of oil if traded within China. But, because of the peg, they sell it to the US for less than the cost of 1 barrel of oil. So, in essence, US gets 1 barrel of oil for less than the cost of 1barrel of oil (while China loses 1 barrel of oil but gains less than the cost of 1 barrel of oil, but, by fiat, what they gained can be exchanged for 1 barrel of oil within China).

    June 20, 2010 at 11:19 am |
  21. DIONG

    Though China's economy is said to the 3rd largest in the world, taking its population into account,it is really a 3rd world country and its standard of living will take another 3 decades to catch up with the far richer Americans , Europeans and the Japanese. It is sheer crazy to expect the poors in China to give to the wealthy other G20. Besides, I wonder which Government other than those corrupted would not think of and gives priority to its national interest ? In this regard,the aren't the Americans and the Eurppeans and etc working for their national interest?

    June 20, 2010 at 11:59 am |
  22. DIONG

    Obviously and naturally economic success will bring with it military power to protect its safety.It is like those wealthier people who would build walls and fences or employ bodyguards to protect the safety of the family. We should not forget the bitter lesson that China learnt and humiliation inflicted by the developed nations during the Qing dynasty. I am sure no one will allow his vault to be unguarded.

    June 20, 2010 at 12:12 pm |
  23. Pakistani Pathan

    it very good and we are very happy on him china will come a great country in the world as amireca now a days...

    June 20, 2010 at 12:17 pm |
  24. VeeHow

    Why Now : Because they have screwed up the American economy to maximum and US economy is under heavy debts to China. It is an irrecoverable loss and US will take decades to recover from it. Be it blackmailing US and manipulating their currency to play with US economy, they have done it all and ensured no jobs and ultra cheap products by keeping tabs on there currency. What a fabulous conspiracy and mockery of globalization. Shame on politicians invovled in this.

    June 20, 2010 at 1:46 pm |
  25. No-sense makes nonsense

    You know I still don't understand this currency stuff. While I lived in NZ the exporters always wanted the NZ$ to be low but when the NZ$ went up the news reported it as the dollar is now 'stronger'.

    I do understand when the NZ$ is 'stronger' that imports are cheaper but since the whole Growth Economy of The Free Market is based on the huge amount of 'debt' that incurs why is this good?

    Particularly now that cities, States and countries are loaded with Sovereign Debt because taxes and jobs have been cut and personal debt is driving the masses into increased poverty.

    It seems to me that this type of Free Market is a race to the bottom with an aggregation of money to Transnationals, the extreme wealthy and Governments that have benefited off the back of cheap labor.

    Would someone please explain to me what is going on?

    June 20, 2010 at 4:55 pm |
  26. Matt

    It's a good gesture,anyway we should hold no prejudice.

    June 20, 2010 at 5:12 pm |
  27. Eric Olsen

    THe forgoing remarks regarding Fannie Mae and Freddie Mac applaud something that is no applaudable. Yes, both quasi public corporations were nationalized under Obama. That was to assure that taxpayers would bear the losses. So, today those losses are about $200 billion and are projected to go to nearly half a trillion over the next year. The Government entities now own approximately 170,000 homes across America, all from buying foreclosed properties. It will not matter to us if teh Yuan floats on teh international currency markets; our debts, short and long term, have reached a level from which we could possibly never retrun. The summary is this; politicizing the world financial institutions in order to give more funding to more and more people who do less and less productive work, will with certainty, bring about worldwide financiall failure. You must ask yourselves this question; Why is our national leadership not responding to this plight? The answer is, control, baby, control of the people. Do not let this crisis go without taking advantage of the opportunity to amass power.

    June 20, 2010 at 8:12 pm |
  28. garrett in the US

    The final collapse of the dollar has begun. Now that the peg is gone, the US dollar is free to fall into oblivion. The release of the peg is like cutting off the dead weight on their economy that is the debt-burdened US dollar. We are screwed

    June 20, 2010 at 9:21 pm |
  29. anon

    @tankdriver:

    Show me one country that does not do things for itself and I will show you GOD. Dont tell me the US goes around poking its nose around the world for the betterment of the people.

    June 21, 2010 at 12:45 am |
  30. Marlon{Omega}

    The float is a show of stability in the Chines economy and a confidence in future trades with the America an d the rest of the world,..,..

    June 21, 2010 at 12:54 am |
  31. anningco

    Let's put it this way, this step taken by the Chinese government will not stop the USA from nagging, we all know damm well that the american is a country which is full of nasty and hypocrite people. It is just another rational and pragmatical approach taken by the china government. The media will not stop bashing China (cnn, AP, BBC, yahoo, and so on) because of this .. basically, China has to grow strong to the point of German, in which they twice invade the France, then only the negative mindset of the ordinary american will change on China..so.. Tong Zhe... this is human being ... so hang in there..

    June 21, 2010 at 2:37 am |
  32. fvwl

    I can't image people all over the world using paper notes with picture of Mao, a mass and mad murder, a figure comparable to Hitler, Stalin, Pol Pot. Can't image "his picture" getting more and more value these days.

    Oh, the civilization would come to an end, the day the People Money steps on to replace the USD's role. I'd say, nowadays, we have become too greedy, that we put aside all the moral value, all we care about is money, no matter how dirty it is.

    From Vietnam With Love

    June 21, 2010 at 3:47 am |
  33. CannonBall

    I find it troubling that the international community has allowed such a clear display of currency manipulation occur for more than 2 years. We are now about to walk into a G20 meeting to have a real conversation about the Chinese accountability, but they try and deflect the arguments by putting forth a half hearted solution with no global input. China needs to have a real conversation and negotiate a clear path with the global community or the trading parters need to impose taxes on imports to make up the difference. Enough with the shinanigans.

    June 21, 2010 at 5:39 am |
  34. da ma

    fvwl Do you for one minuite think that killing and bombing people for oil mineral reserves or profit is alright? Well think very hard again because wheather you believe it or not ALL KILLING STEALING AND AMONG OTHERS ARE WRONG AND EVIL ALSO MONEY BLOODY OR DIRTY MEANS POWER OR THE MISUSE OF IT open your eyes and mind DA MA

    June 21, 2010 at 5:47 am |
  35. FYI

    There are no more secrets parasitic modus operandi of corporatorcracy
    USA is in the searing light of Truth

    June 21, 2010 at 5:51 am |
  36. Azlan

    tankhead,

    Please take note that NO government in the world makes policies to suit other countries or other people ! There is always the element of self-interest involved. Even America does it.

    America invades Iraq and Afghanistan because it involves American interests, i.e. oil and Al-Qaeda. America does NOT invade North Korea because there is not much American interest there.

    Please live in the real world.

    June 21, 2010 at 6:23 am |
  37. Thomas Christopher Ty

    China's government's move is pretty interesting. The Chinese Government really knows how to manage to keep their economy stable.

    June 21, 2010 at 5:47 pm |
  38. Dennis Sumaru Aust

    This move will only benefit China.They make their own rules and break others ,so they can have upper hand in everything they do.Including suppling nuclear know how to rogue state.

    June 22, 2010 at 2:02 am |
  39. David Man

    Be careful with what you wish!

    If the Chinese government really loosen their currency control, the YUAN will have a free fall like the Niagara Fall. It's a simple math, with more trhan 1.2 billion Chinese who are becoming richer and their foreign investment has been restricted to '0' for over 50 years. Suddenly, they are allowed to buy or invest in foreign currency or assets. What do you think? The demand for US$ and the supply of YUAN will be far more powerful than the hot money who think the YUAN will appreciate.

    June 23, 2010 at 5:40 am |
  40. peter.Madison

    to tankdriver: Come on, is it not what america government wants for years? before china allows this, people rattled a free chinese currency. and finally, you get what you want, but then just say "this is for your own good".....

    June 25, 2010 at 4:37 am |
  41. peter.Madison

    to Stephen: you live in china, unfortunately it dosent qualify you to know anything deep about china. Instead of touting meaningless what -ifs, Please learn more about chinese culture, try to see how it defines respect,peace and love.

    June 25, 2010 at 4:50 am |
  42. peter.Madison

    to VeeHow: It is really funny to see the conspiracy-theory-guy like you all the time. How could you have so much confidence in China that makes you believe they could screw up American economy? They screw up America's economy with what? shoe-making? doll-making? or HP or DELL computer ASSEMBLING? Be confident in the genius in Wall Street, they can do much more than you can imagination.

    June 25, 2010 at 5:04 am |
  43. Schweinsteiger

    I think CHina is a terrible country for its huge populaiton and freaky moral value.

    China is pervert. Banqueting, overusing public funds. What will CHina bring to the world? Eating cats, dogs, frogs, snakes, corpions?

    A rich China will result in a poor world, conbubinage, wars, femine, starvation, dictators, corruption, ....whatever you can imagine.

    An advanced culture can save the world. A backward culture can bring the world to the hell.

    Yuan's dropping value is the reflection of Chinas low technology. China can never stand up to the western world.

    Why people like to compare China to the past Britain and USA? That's totally different. Technology is something automatic evolving? I ask you all.

    June 25, 2010 at 3:13 pm |
  44. Li

    As a chinese abord, just wondered why u people spend more time on criticism of other nations than on ur own d m messy up finance condition

    June 28, 2010 at 12:37 pm |
  45. manaly

    i think it is good to raise RMB.
    in this way,we can get out of china and shop in other country.
    because it is high price in china now.

    June 29, 2010 at 11:59 pm |
  46. george

    americans never buy from others,just beg and cheat and rob and disavow.

    June 30, 2010 at 5:12 pm |
  47. Mark

    A prominent Chinese official once was asked how they felt about the democratization of their economy. He flatly stated that the Chinese would use democracy when it served their purpose. This is another example of the Chinese using policy to suit their purpose. They realize that the US can not be relied upon to build their economy much longer, or at least in the manner it has in the past. The solution is to look towards other currencies.
    They realize that the US is already completely dependent upon China to borrow money to fund its wars and its consumption and government debts. The corporations that run the US are almost exclusively controlled by the Chinese. The US would be bankrupt if the Chinese were to call in the US debt.
    To prevent their largest consumer from falling farther behind, they have chosen to allow the US dollar to float for a while against Yuan. But don't think this will last. The only reason they are doing this is to hedge against any possible industrial growth in Europe.
    The Chinese have one goal and that is to maintain total dominance in the work economy, which they already have. They have succeeded in using our free market system to move almost all important manufacturing to them. Once the country to rescue the rest of the world from the destruction of 2 world wars, we now can not even make our own socks and underwear.
    Please remember that without industry, we are without influence on the world market or at the policy table. Our goods were once recognized as the finest and most important commodities in the world. Not any more. As we have become dependent upon China to supply our goods, we have given away our independence and our source of strength and global influence.
    And don't think the Chinese economy is like ours in any way. They don't use the same mechanics to operate. They to not use profit and loss. They do not rely on supply and demand. No company or corporation there is completely free to operate. They are all government controlled. All money, goods and decisions are run through the central committee and they are parsed out as needed to dominate any market it feels needs to be subdued.
    Any foreigner must operate through the Central committee as well. For instance, Wal Mart is there, but the land that every store is located on is owned by the government and the union that the workers are forced to be in is run by the central committee. The workers have no vote, no say. They must comply with Central Committee law and rules. If Wal Mart does not comply with government policies, they lose their land rights and the workers are removed.
    The same with American Car Makers. For every foreign engineer, there are 2 Chinese engineers watching their every move. All technology becomes property of the Chinese government.

    July 28, 2010 at 12:10 pm |
  48. Anqing

    Dude. I think this is the truth.

    Person below:

    So is The U.S!! They want to use as their advantage too. Thaty what competition is ALL ABOUT!!!!

    August 5, 2010 at 9:01 pm |
  49. lining

    oh my god ,americans are the greatest country in the world!
    its idea are amezing,and postive!
    chinese financal will be clining!

    August 11, 2010 at 8:54 am |
  50. Yang

    美国人应该对中国的崛起不带傲慢和偏见,也只有两国和睦的关系才能促进经济的和谐发展。
    American should look at China's rising without pride and prejudice.
    only the harmony releation between each other can we make contributions to the economy.

    a syudent from China

    August 15, 2010 at 7:19 am |
  51. Joyster

    lol duh, of course the Chinese government is going to try to benefit the Chinese economy. What government doesn't try to benefit itself? Name one government that adjusts something about itself to benefit other countries.

    They're obviously still keeping the currency low so that people will buy it up internationally. So when they do raise the value, there's more profit returned.

    Well it also makes sense because they're not going to cash in on the American debt (if there's even a deadline for that debt, not like there's going to be debt collectors knocking on US's door). The easiest way is to raise China's value when the time is right to boost the wealth in the country and investments overseas.

    August 16, 2010 at 9:04 pm |
  52. Joyster

    @fei
    if they're floating the yuan it's because if more international businesses and countries own this form of currency their value is also affected by the Yuan. This develops a dependency worldwide on this currency.

    August 16, 2010 at 9:08 pm |
  53. haha

    Schweinsteiger – odviously you don't know anything about the asian culture. why don't you open your eyes to the world around you and stop being narrowminded

    August 17, 2010 at 4:50 pm |
  54. Schweinsteiger

    haha– I open my eyes wide to see China. It is you who should open your eyes to this world.

    Don't stay home and just release some childish comments. Please get out of your stupid country to see the world.

    August 21, 2010 at 2:58 pm |
  55. zhima

    American should look at China's rising without pride and prejudice.
    only the harmony releation between each other can we make contributions to the economy.

    August 21, 2010 at 3:27 pm |
  56. Schweinsteiger

    What will China offer to the world? Absolutism?

    Come on. It is China who should change their mentality to fit the world. China is a monster to the world.

    What the US should do is to lock it in a cage.

    August 23, 2010 at 9:25 am |
  57. Smith

    Of course, white people gets offended when a none white country rises to power. It's normal. That's why you see all these white-dominant nations' common people say this and that. It will be stupid for the chinese to follow the rules established by the eurocentric countries. It's a trap. China helped Haiti, you don't see people praise him for it. China buys resources from Africa and you see those slave-owning white descendents accusing china of colonizing Africa. china kept the yuan's value low, the Western world aren't happy. When China raises the value of Yuan, white people are still not happy and accuse of China of being selfish. White people always got somthing negative to say. The best way to deal with this is simply to ignore them. You should be thankful that China blocks the chinese people from reading CNN else these chinese would flood the CNN comment section.

    August 23, 2010 at 1:04 pm |
  58. Smith

    Schweinsteiger is from Alabama if he's from the US. The asian he has ever seen is..the chef in the Chinese Take-out.

    August 23, 2010 at 1:10 pm |
  59. ww

    The USA is the biggest terrorist in the world.

    August 27, 2010 at 2:05 am |
  60. Eric

    China is a monster to the world?

    What the US should do is to lock it in a cage?

    Who can lock a monster in a cage? surely the devil, the devil armed with weapons which paid with the money from China.

    August 27, 2010 at 8:20 am |
  61. Schweinsteiger

    If the USA is the biggest terrorist in the world, China is a lurking terrorist in the world.

    China attacked the world with its silly and strange traditions and culture. Chinese bring these rubbish to every corner of the world.

    China is foul. Chinese are wild animals. They should be trained to know sth about this world.

    August 28, 2010 at 5:27 am |
  62. Schweinsteiger

    Yes.

    Chinese corrupt officials paid by public funds.

    The US government appreciates the Chinese corrupt officials for their generosity. They paid the money to lock themselves.

    August 30, 2010 at 3:18 pm |
  63. Schweinsteiger

    I am sure that CHina can never be a high tech country for its dying research system. Actually, all Chinese have learned are only skills to survive this world, not the academic research. Most Chinese students don't have any consciousness of how to conduct a research, how to write an academic paper. From their youngth, they got into the habit of being fed by their teachers with all ready-made stuff. What they did was to memorize.

    China's economy is booming not for the inventions but for its cheap labors. Chinese are importing the technology and exporting their products, from which they earn money. But they should have their own capability to make the high-tech-products, not just waiting for being fed by westerners like a baby. They should learn to feed themselves.

    I am sure too that this baby will never grow up. Never!!!

    August 31, 2010 at 12:13 pm |
  64. Schweinsteiger

    Chinese are puppets in front of their leaders. They don't have creative mind. They don't have vision. They do what the leaders like.

    Chinese have been tamed for over thousand years. They are cowards. Confronting the rules and laws, they are wild animals. Confronting leaders, they are tamed sheep.

    Chinese are ostrich. Instead of confronting the social reforms, they always hide their heads in sand to avoid the storms of innovation. They are flightless. They are not hawks. They can never be hawks. Any storm will frighten them.

    They never think how to make the society better. They care for their own good.

    They are very happy with the role of puppet. They never think it something to be ashamed of. Instead, they are proud of the role of puppet. They like making showoff how well they play the role of puppet.

    So a nation of puppets can never compete with the free world. A nation of ostrich can never fly high. A nation of sheep can never break their enclosure.

    September 1, 2010 at 1:32 pm |
  65. siliang

    Yes, anything is just for GOVT, and rich man. We people just hard working, hardworking.....

    September 3, 2010 at 5:53 pm |
  66. Schweinsteiger

    Low currency value is nothing but the reflection of the high tech condition.

    China, please make some plane engines. No dolls, No socks.

    September 7, 2010 at 4:03 pm |
  67. Schweinsteiger

    I can't believe that Chinese work in some "work unit" for their life long time. Many people never change their jobs even they feel very unhappy.

    A work unit is like a piece of field with hurdles which sperated it from the others. Many units are like patches of fields. Chinese are the sheep grazing in these fields, wooling, milking.... The government is shepherd.

    The sheep are so willingly to be kept in these seperated fields. The jumping over the hurdle will lead to their uncoverage of social security. They are so tamed, sheared and mikled by their shepherd without any resistance. Reletively, they are more satisfied with their situation than the wild goats. At least, they don't worry about their grass. They have plenty of it that is produced from government funds.

    SOEs are their hope and safe net.

    Ironically, all Chinese who work in the private sectors have never realized their rights infringed. Social security is only a dream for them. They never say to the shepherd: you can't deny me my right to be treated as an equal.

    Actually, they are wild goats,not living in the enclosed fields. Their situation is even worse than those in the fields. They contributed more wool and milk to their shepherd but gained nothing. And they claim no rights. In their quest for food, many of them fall dead on the way.

    I have never seen such tamed wild goats like those in China. These includes the farmers working hard in the sunlight, private proprietors making great effort to survive this harsh environment, freelancers and employees working in private enterpises. Their goal is to scrape into the enclosed fields to be a sheep. To be a sheep fed by public fund is the dream of the private employees.

    September 8, 2010 at 11:17 am |
  68. Schweinsteiger

    To Da Ma: The US exploits the whole world, for oil and mineral? Why on earth are some countries in middle east are so rich, even richer than USA? They are exploited to be rich or something?

    You don't know the Chinese corrupt officials who exploit their people all day long? The farmers, the miners, the workers in factories in coastal areas? They are wealthy people or not?

    Foxcann's employees jumped from the high building. Why?

    The babies are fed with the contaminated milk. The sheep got no milk to feed their babies. Where has the good milk gone? To the shepherd.

    SHAME ON YOU, CHINESE CORRUPT OFFICIALS!

    September 8, 2010 at 12:48 pm |
  69. Duncanwu

    So happy to see so many people on CNN caring about the dark side of china, even the sh** willnont be ignored, TIANANMEN REMEMBERED as the sample.

    CNN people love chinese,doubtless...shall chinese remember Iraque war and ....

    September 10, 2010 at 6:05 am |
  70. Schweinsteiger

    Yes, The US invaded Iraque. But the whole world benefits from it. China too. China doesn't need to import oil?

    If Iraque cut off the oil supply, China would survive only a few weeks. Over 90% of China's oil consumption is from Middle East.

    The US army removed the threat on the middle east. Iraque has become a democratic country. People can speak freely and get their voices heard. Much better than Chinese.

    What has China brought to Africa except exploiting their people? Public funds embezzlement? China has never invaded any nation? How did its large territory come from?

    The US army should not have fighted the war against Japanese. Chinese should be left t alone.

    September 10, 2010 at 11:48 am |
  71. reza

    – As a chinese abord, just wondered why u people spend more time on criticism of other nations than on ur own d m messy up finance condition

    @Li, sorry dude but as an Iranian I admire these guys and any country who beats up China. Why? Because your country helped a coup in Iran. Because your people have the same dictators as we have. And because your mischievous European-style under the hood politics + devilish support of the bad in this world suck!

    The other thing I don't like about china is the attitude of being stingy. No offence to individuals, I am talking statistics. I have seen it with my eyes and felt it with my heart. The latest is Gates + Buffett party. Another one is your investments in Africa, you occupy the poors' land and don't even give them a job, Africa is a backyard to dump your waste. Plenty of examples are there.

    September 13, 2010 at 2:01 am |
  72. Schweinsteiger

    What are Chinese? They like to be salesman. They sell things and get commission which sometimes ilegal. But in CHina there is nothing ilegla in somebodies' eyes.

    Anyone can take bribe in CHina.

    That's very reasonble if a midwife in a Chinese hospital sewed up the anus of the patient only because the patient did not pay bribe.

    September 16, 2010 at 8:48 am |
  73. ccm

    schweinsteiger , this world is not what in the past . i dont know /why you seem to have so much hate based on your last few messages ?

    Remind you that do not remark on race issue . American or Chinese or french or others do have their own advantage in term as human .

    I totally agree with you on those points on their government but please not against the Chinese people .

    September 21, 2010 at 10:35 am |
  74. Schweinsteiger

    to dear ccm: You are wrong. I am not against any single person. I am against a culture. Understand?

    Government? What is government? It is organized by a certain group of people who are bred in a certain culture.

    That's not a race issue. That's the issue of our world. Our planet.

    September 24, 2010 at 2:22 pm |
  75. ccm

    dear schweinsteiger, I got your point now . agreed .

    Well , hopefully the Chinese will change their mentality to fit into our world .

    September 28, 2010 at 6:01 am |
  76. Schweinsteiger

    Dear ccm: you may be disappointed. It is hard for Chinese to change their mentality.

    CHina and Japan, which one is likely to accept the social reform? Not Chinese but Japanese.

    September 29, 2010 at 11:31 am |
  77. hansfortune88

    Schweinsteiger, it seems you really know lots of message about china, just abviously all you leant is negative; just like yesterday USA acknowledged of carrying Syphilis Tests in Guatemala many years ago and need to improve and avoid it, in china there is also midwife sewed up the anus of the patient and also need to improve on its ways developing. From your name, people easily see you are something related to Germany, which is an great nationality everyone love ,just God Bless you, wish you are not affected by discrimination from Naziism Hitler.
    Here is the topic to discuss ecenomy not race or culture as you called, I had not thought to waste the time to TAME you,but it is 7 days public holiday with my chinese friends, i have to stand up for them.

    October 3, 2010 at 10:22 am |

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