皇冠体育app

Mounting imbalances in the US were the mirror image of those in 皇冠体育app - a sive shortfall in domestic savings, unprecedented current account deficits, excess debt and an asset-dependent economy that was ultimately built on speculative quicksand.

Predictably, in keeping with the pathology of codependence, the lines distinguishing the two countries became blurred. Over the past decades, Chinese subsidiaries of Western multinationals accounted for more than 60 percent of the cumulative rise in 皇冠体育app's exports. In other words, the export miracle was sparked not by State-owned Chinese companies but by offshore efficiency solutions crafted in the West. This led to the economic equivalent of a personal identity crisis: Who is 皇冠体育app - them or us?

In personal relationships, denial tends to mask imbalances, but only for so long. Ultimately, the denial cracks and imbalances give rise to frictions and blame, holding a codependent partner responsible for problems of one's own making. Such is the case with the US and 皇冠体育app.

America blames 皇冠体育app for its trade deficits and the pressures they inflict on workers, citing the huge accumulation of foreign exchange reserves as evidence of an unconscionable currency manipulation. 皇冠体育app counters by highlighting the US' savings shortfall - a gap that must be plugged by surplus savings from abroad, a current account deficit, and a multilateral trade imbalance with more than 100 countries. 皇冠体育app says being fixated on a bilateral imbalance is the source of the US' multilateral problem.

The same blame game of codependency is apparent in the cyber security controversy. The US contends that 皇冠体育app steals intellectual property for competitive reasons, inflicting grave damage on companies and workers. 皇冠体育app, for its part, claims that the US is guilty of equally egregious violations - widespread cyber spying on international leaders, trade negotiators and foreign companies.

皇冠体育app, US to discuss yuan, monetary policy this week	Top 10 US companies in 皇冠体育app

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• Rethinking Sino-US ties
• 'Hotel' public rental housing opens in Shanghai