The Retreat of the Monster Surplus; Exports  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 403 no. 8786 (May 2012), page S5-S6.
Topik: Trade Surplus; International Trade; International Relations; Politics; Trade Policy

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.72 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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China's roaring exports contributed to a growing current-account surplus, which exceeded 10% of its GDP in 2007. China's surpluses--its failure to import as much as it exported, spend as much as it earned, or invest as much as it saved--became an economic cause celebre, generating an equally impressive surplus of commentary and explanation. Ben Bernanke, now chairman of America's Federal Reserve, argued that China's surplus was adding to a "global savings glut". It was the subject of much debate and diplomacy at G20 summits, and the object of much blame and many bills in America's Congress. The latest of those, which passed the Senate in October, calls for retaliation against any country that engineers an oversized surplus with an undervalued currency. Mitt Romney, the presumptive Republican nominee for president, has threatened to brand China as a currency manipulator on his first day in the White House. China's trade surplus with America remains large and controversial, but its current-account surplus with the rest of the world is dying out. Last year it narrowed to $201 billion, less than 2.8% of the country's GDP, the smallest percentage since 2002. In money terms it was smaller than Germany's. Is that small enough?

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