Tags: biden | china | deficit

Biden: China's Rise Doesn't Spell US Demise

Friday, 09 Sep 2011 08:27 AM

Vice President Joe Biden says that China's rising economic star doesn't have to bring an economic sunset in the United States.
 
"As trade and investment bind us together, we have a stake in each other's success. On issues from global security to global economic growth, we share common challenges and responsibilities - and we have incentives to work together," Biden writes in The New York Times.
 
"I remain convinced that a successful China can make our country more prosperous, not less."
 
Biden says Americans need to keep China's rising economic power in perspective.
 

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"According to the International Monetary Fund, America's gross domestic product, almost $15 trillion, is still more than twice as large as China's; Our per-capita GDP, above $47,000, is 11 times China's," he notes.
 
Americans often focus on Chinese exports to the United States, Biden says, but last year American companies exported more than $100 billion worth of goods and services to China, supporting hundreds of thousands of jobs here.
 
“In fact, our exports to China have been growing much faster than our exports to the rest of the world,” says Biden.
 
"Even as the United States and China cooperate, we also compete. I strongly believe that the United States can and will flourish from this competition."
 
The Wall Street Journal reports that figures from the U.S. Department of Commerce show that the U.S. deficit in international trade of goods and services contracted 13.1 percent last month to $44.81 billion, from a downwardly revised $51.57 billion the month before.

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Vice President Joe Biden says that China's rising economic star doesn't have to bring an economic sunset in the United States. As trade and investment bind us together, we have a stake in each other's success. On issues from global security to global economic growth, we...
biden,china,deficit
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2011-27-09
Friday, 09 Sep 2011 08:27 AM
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