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By Jessica Rettig
China, Washington's Economic Scapegoat
There's plenty of blame being thrown around Washington between Democrats and Republicans. But conveniently for both parties gearing up for election mode, there's also a scapegoat outside the American political system: China.
With its disregard for patent law and its notorious currency practices, China's become a favorite target for the ire of American policymakers. And with the 2012 elections around the corner, it seems the anti-China rhetoric is reaching new highs, especially as American jobs -- victim No. 1 of China's economic power grab -- remain front and center.
China, which became the world's second-largest economy in 2010 (after the United States), has become a major global economic power in recent decades and is the top foreign holder of U.S. debt. The country's government has long been accused of artificially keeping its currency undervalued, a tactic that gives its domestic exporters an advantage in the world markets.
Recently, members of
Members on both sides are hopeful that
GOP Republican candidates have also been taking aim at China, most recently at Tuesday night's debate on the economy, hosted by the
While the debate in
The American people are also feeling China's economic actions themselves, Schumer argued Wednesday, sharing an example of a business owner whose product patent was stolen by China, which then sold the product in the United States at a cheaper price. "People feel this. Average Americans feel it," he said. "If we keep doing this, if we keep letting China ... flaunt the rules, we will not stay the leading economic power in the world."
While politically viable solutions to the China problem are still yet to come, politicians under fire from the American public have been successful in framing at least some of country's job losses as China's fault. "They're desperate for a solution. They have lost their patience," says Wei Liang, a research fellow at the
Twitter: @ihavenetnews
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World - US Economic Woes Put China in the Political Crosshairs | Global Viewpoint