Dear China, Please Stop Crying
Seriously, China, it isn't protectionism when a) you have a history of lead-tainted toys and crappy bootleg products b) you peg your shitty currency to the even shittier US dollar c) everyone is broke and can no longer afford even your deep discount bootleg wares d) you have the US by the balls but can't exactly exercise your right to tighten the nut vice since you totally fell for $2 trillion of it.
China's efforts to extend its dominance as the world's top exporter are facing stiff challenges, as the policies it has used to support exports bring new economic problems and escalate tensions with a growing list of trade partners.
Key elements of the strategy—including a cheap currency, regulated interest rates and low energy prices—are stoking discontent in fellow developing countries, not just Western capitals. That could crimp its drive to seek gains from emerging markets as growth in the rich world falters. At the same time, many economists argue, China's export-friendly policies are fueling inflationary pressures at home, placing a burden on the rest of the economy.
Beijing is increasingly pushing back against what it calls unfair protectionism. Chinese authorities Friday set duties on some U.S. chicken products to counter alleged dumping. And on Thursday, Beijing filed a complaint to the World Trade Organization against European Union tariffs on imports of Chinese shoes.
China's current-account surplus narrowed sharply in 2009, the government said Friday, a reflection of the impact of the global financial crisis on the nation's trade balance.
But that may have just increased the pressure on Beijing to support its exporters.
China now accounts for more than 9% of global exports, a share that, after stagnating for most of 2007 and 2008, has been rising since the outbreak of the financial crisis and the ensuing collapse in global trade.
Cry cry cry.