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Home > Press and Media Service > Information and Notice
The Chinese Embassy in the UK Responds to Comments Blaming China for the Global Economic Imbalance
2010/09/17

The following is a letter from Mrs. Dai Qingli, Director of the Press and Public Affairs Section of the Chinese Embassy in London to the Financial Times' Letters' Editor, which was carried in the print and online editions of the FT on Sept 16th under the title "Blaming China Exaggerates Her Power".

Sir,

I am writing with regard to some recent comments in the Financial Times suggesting that China is largely responsible for the global economic imbalance (for example, "Renminbi dispute looks set to haunt Sino-US economic talks", September 4).

These views on China tend to exaggerate China 's economic strength. China's per capita gross domestic product is less than one- tenth that of Japan and, according to the World Bank, still ranks at 103rd place in the world, after Namibia and Jamaica . Also, 150 million people still live in poverty. No country in human history has been in this position before, being Number 2 and Number 103 at the same time.

Secondly, in 2009, foreign-funded enterprises in China accounted for 55.9% of the country's total exports, contributing almost two-thirds to China's trade surplus. China is still low in the international industrial chain. Take " Barbie dolls" as an example, a Chinese-made Barbie doll sells for$10 in the US, out of which the Chinese manufacturer gets only 35 cents.

Moreover, in 2009, China became the second largest importer and contributed as much as 50 per cent to global economic growth. It would be very difficult to argue to the Chinese that their frugality and propensity to save should be blamed for the financial crisis and the global economic imbalance.

Both surplus and deficit countries need to shoulder their due responsibilities. China will continue to do its part by expanding domestic demand and readjusting its economic growth model. And reforms of the Renminbi exchange rate system will continue on the basis of domestic and international economic developments.

 

Mrs. Dai Qingli, Director of the Press and Public Affairs Section

Chinese Embassy in London

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