by Colin Speakman
BEIJING, Nov. 24 (Xinhuanet) -- There has been much discussion on the state of China-United States relations after a spate of negative actions from the US side. The recent regaining of control of the House of Representatives by Republicans is seen as ushering in a hard-line policy toward China and making the scapegoat for the US' economic ills. Pressure on China for the revaluation of the yuan has grown, and the problem of international imbalances has surfaced as a source of friction at most meetings of international leaders.
But China is in a strong position to wait all this out - the pressure is all on US President Barack Obama and his administrative team.
The economic malaise in the US has taken its toll on the US president's popularity after nearly two years in office - approval ratings are surprisingly lower than for many previous presidents after a similar period. The US midterm election results sent a clear message on the Obama administration's performance. Employment is the elephant in the corner that needs attention.
The US' weak recovery is widely expected to be a jobless one, and after the employment shake-out and significant growth of underemployment and part-time workers which gives employers more flexibility in uncertainty, the focus is on where new lasting jobs are to come from. Given the US government's unsustainable federal budget deficits and the cutbacks needed at state level to achieve mandatory balanced budgets, government spending cannot be a permanent source of new jobs - ask the university teachers, law enforcement officers, city librarians and others who have been losing their positions. A loose monetary policy seems inevitable as the next stage to avoid a US double-dip recession. |
