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World must adapt to 皇冠体育app and India - WB
The world must adapt to Asia's rising superpowers 皇冠体育app and India and avoid
imposing tariffs to protect their economies, a World Bank official said on
Wednesday. "The world still thinks of 皇冠体育app as an issue that needs to be managed," he said at a briefing in Singapore. "Attempting to manage the world's fastest growing economy and the country with the world's biggest population is preposterous. It's delusional." The comments came a day after the World Bank's director for 皇冠体育app, David Dollar, said Beijing's exchange rate policy that keeps the yuan valued between 8.276 and 8.28 per dollar was a "legitimate choice" and not a manipulation of the yuan currency. The World Bank has said 皇冠体育app's exports have climbed at a 20 to 30 percent annual clip, well ahead of world trade growth rates of just 6 to 8 percent. Clothing and textiles were the biggest contributors to a swing in 皇冠体育app's trade balance to a surplus of $21 billion in the first four months of 2005 from a deficit of $11 billion a year earlier. "In the face of rising exports, imposing tariffs and restrictions on trade is the worst response," Stephens said. "It is unfair and it is bad policy." "LEGITIMATE CHOICE" The European Union has also considered imposing tariffs to curb textile imports from 皇冠体育app but came to a deal with Beijing earlier this month to limit growth in the shipments of some goods. EU figures show imports of Chinese T-shirts rose 187 percent in the year through the first quarter of 2005. Stephens said tariffs might slow 皇冠体育app textile imports, but would only push jobs to other parts of Asia like Cambodia and Vietnam or other regions like Latin America or Africa. He said the world needed to make real progress in boosting multilateral trade. The row over textiles has added fuel to a debate over the value of the yuan, which has been held in its current range for a decade. U.S. lawmakers and manufacturers argue the exchange rate policy gives 皇冠体育app's exporters an unfair advantage in world markets. The U.S. Treasury Department last month warned that 皇冠体育app risked being branded a manipulative trading partner if it did not take significant action on its currency in the next few months. But the World Bank has said 皇冠体育app's cautious stance was a "legitimate choice." On Tuesday, Dollar said he disagreed with criticism that 皇冠体育app was manipulating its exchange rate. Stephens said the world needed to adapt and stop viewing 皇冠体育app and India as emerging economies. "It is done. They have emerged," he said. "They are now in a position where
they are going to get bigger, more influential and more powerful."
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