US said getting short end of the stick in relations with China
Nov 20, 2009 | 06:41 AM
| Lisa Gordon
China's relationship with the United States continues to be overshadowed by numerous factors that negatively impact the U.S., according to the seventh annual report to Congress by the U.S.-China Economic and Security Review Commission.
"Despite evidence that global economic imbalances helped fuel the financial crisis, China persists in maintaining a wide variety of industrial policies to support an export- and investment-led growth model," the report said.
China's enormous trade surplus stems from subsidies it grants to favored industries—such as steel—which include tax rebates, low-interest loans as well as land and energy discounts, according to the report. It also maintained that the yuan is pegged to the U.S. dollar at an artificially low rate and has appreciated 21 percent over the U.S. dollar since 2005.....
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