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Posted on on August 30th, 2012
by Pincas Jawetz (

Romney’s stance on China debated.

August 30, 2012

By Zhang Yuwei in Tampa, Florida (for China Daily)

It is common knowledge that the economy is foremost in US voters’ minds as the 2012 presidential and congressional elections approach. Less clear is the domestic economic impact of international trade, especially with China and Latin America, according to experts attending this week’s Republican National Convention.

At the same time, trade between the United States and China has been politicized this election year despite the risks of harming the lucrative relationship between the world’s two biggest economies.

Mitt Romney, who was formally nominated on Tuesday at the Republican convention in Tampa, Florida, has been outspoken in his views on China. The former Massachusetts governor and co-founder of private-equity firm Bain Capital has accused President Barack Obama of lacking toughness in handling trade issues with China.

Romney claims renminbi is kept artificially cheap, giving Chinese exports an unfair advantage over US goods.


John Engler, a former Michigan governor and now president of the pro-trade Business Roundtable, said on Tuesday that the US must contend with other aspects of trade policy, including free-trade agreements with other countries. Currency undervaluation is “not just a China problem”, he said.

“China is exacerbated because of the size of the trade volume that flows back and forth,” Engler said during a panel discussion on trade inside the convention arena.

Romney has vowed several times during the campaign that he would label China a “currency manipulator” on his first day in office if he’s elected.


Participants on the panel, which was organized by financial news provider Bloomberg LP and the convention’s Tampa Bay Host Committee, questioned that pledge, however. Several said Romney either wouldn’t attempt to make such a move immediately as president or, more likely, that it’s merely “campaign rhetoric”.

“It would be a delicate challenge for the Romney administration,” said Engler, adding that there are “many other urgent issues”.


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Lack of confidence in global economic outlook.

Updated: 2012-08-29

By Chen Jia

Leaders from international corporations and US small-business owners expressed a lack of confidence in the near-term global economic outlook, an annual survey from the NYSE Euronext showed on Tuesday.

The respondents said they are looking to 2013 and beyond for improvements in business and job creating prospects.

China is expected to see the greatest growth in 2013, according to 39 percent of CEOs and 34 percent of US small business owners.

Forty-eight percent of the respondents rate the global economy as “poor”, while 48 percent said it is “fair”.

Meanwhile, 67 percent of public-company CEOs and 59 percent of US small business owners surveyed expect the global economy to grow in 2013.

The report was based on a survey among a diverse group of 340 CEOs from companies listed on the NYSE Euronext markets from 26 countries, and 285 US small business owners.

“Business leaders in the US and around the world have significant concerns yet are guardedly optimistic on the prospects for the economy, their businesses and job creation in the years ahead,” said Duncan L. Niederauer, CEO of the NYSE Euronext.

“Heading into the US election season, business leaders are universally focused on the economy and jobs, and asking policymakers to provide more certainty around their tax and regulatory burdens,” he said.

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