US-China Trade: Calls for Reform

From the creator

This is the VOA Special English Economics Report, from http://voaspecialenglish.com | http://facebook.com/voalearningenglish Last week, we told about a recent talk in Washington on trade ties between the United States and China. Former Secretary of the Treasury Henry Paulson spoke with Former National Security Advisor Steve Hadley. The two men talked about the recent slowdown in the Chinese economy and the need for more personal spending in China.They also discussed the need for China to reform its state-owned companies. These companies often operate with low interest loans and a lot of help from the government. In July, President Obama said China was creating "an unfair playing field" in its car industry. That same month, the Obama administration requested talks, or consultations, at the World Trade Organization. The United States says China has unfairly placed more than $3 billion in taxes on imports of American-made cars. Officials say increasing the price of imports helps Chinese carmakers. Mister Paulson said Chinese government aid for state-owned companies, like oil companies and carmakers, will end up hurting China's economy. Mr. Paulson said this: "The only way that the Chinese are going to be able to successfully make the transition that they're going to need to make to an economy that's much more efficient is by continuing to reform the state owned enterprises." He said these state-owned companies need to compete fairly "without all the subsidies and the special be

Published 2012-08-28 · Watch on YouTube ↗
Availability and playback restrictions are controlled by the original channel.