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NCTO disapproves Obama's take on China
16
Apr '09
NCTO expressed its disappointment with the decision by the Obama Administration not to cite China as a currency manipulator.

NCTO Chairman Andy Warlick noted that, “As authorities from Paul Volcker on down have recently observed, the model which allows China to produce enormous trade surpluses to achieve economic growth is a significant factor behind the global economic and financial crisis we now find ourselves in".

He said, "This is the same model that has contributed significantly to the loss of one quarter of all manufacturing jobs in the United States during the last eight years. And it is a primary reason that the United States is now the world's largest debtor nation and is in now in peril of losing its economic sovereignty".

He added by saying, "We are disappointed that the Administration did not send a strong signal today that this model is unsustainable by labeling China as a currency manipulator".

By concluding he advised the government by saying, "We urge the Administration and the Congress to make correcting this fundamental imbalance a top priority in the road to restoring our country's economic health.”

Fibre2fashion News Desk - India

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