Source:
ReutersBEIJING (Reuters) - When Barack Obama tackles China on its trade surplus, as surely he will, Beijing will be tempted to invoke the actress Greta Garbo: "I want to be left alone."
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With the West deep in recession, these experts fear that unless Beijing gets serious about reducing its supersized trade surplus, the China-bashing that was largely held in check during President George W. Bush's eight years in office could finally burst forth into trade and currency wars.
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Legislative initiatives to punish China unless it revalued the yuan and opened its markets further have been a constant of the U.S. legislative landscape for the past five years. They have gone nowhere, neutralized by the high-level Strategic Economic Dialogue with China created by Treasury Secretary Henry Paulson.
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Running big trade and budget deficits indefinitely is not possible, either economically or politically.
Hence the conclusion that any effort to put the U.S. economy back on an even keel has to involve a corresponding rebalancing by China, which ran a surplus of $246.45 billion with the United States in the first 11 months of 2008 and has been increasing its share of the U.S. import market for manufactured goods.
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http://www.reuters.com/article/ousiv/idUSTRE50I12O20090119?sp=true
President's uncle shares Bush family ties to China02/18/2002
CHICAGO — When President Bush arrives in Beijing on Thursday, he'll embrace a policy that's something of a family tradition.
Bush's approach centers on promoting U.S.-China economic ties. That's a course favored not only by his father, the first President Bush, but also by his uncle, Prescott Bush Jr., a longtime acquaintance of Chinese President Jiang Zemin.
The Bush family's ties to China go back to 1974, when President Nixon named George Bush ambassador to China. The college-age George W. Bush spent two months in China visiting his parents during his father's two-year stint.
Seven years after his brother left the ambassadorial post, Prescott Bush made his first trip to China. He later joined with Japanese partners in 1988 to build a golf course in Shanghai, the first in China. He met Jiang, who was then the mayor of Shanghai.
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Along with access, the family name has also brought scrutiny to Prescott Bush's deals:
He was criticized in 1989 for visiting China to meet with business and government leaders just three months after the Tiananmen Square massacre, in which army troops fired at pro-democracy demonstrators.
His Shanghai partnership with the Japanese firm Aoki in 1988 proved embarrassing when revelations surfaced that Aoki at the same time was allegedly trying to get business contracts by bribing Panamanian leader Manuel Noriega, whom the first President Bush later ousted from power.
His connections to an American firm, Asset Management, came into question in 1989, when the company was the only U.S. firm able to skirt U.S. sanctions and import communications satellites into China.
When Asset Management went bankrupt later that year, Bush's deal to arrange a buyout through West Tsusho, a Japanese investment firm, raised eyebrows. Newspapers reported that Japanese police were investigating West Tsusho's alleged ties to organized crime.
the BFEE has been in control of our country for far too long and most of them should be in prison for the criminal actions
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