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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (26290)3/25/2005 9:36:56 AM
From: russwinter  Read Replies (1) of 116555
 
Guo Shuqing seems to be a bit out of the mold for China, and is clearly a key figure. He's the one who has a problem with the current export driven model of collecting US Old Maid Cards.
Message 21167079

We should gradually reduce the preferential treatment to exports and seriously review our foreign investment policy," Guo said. Excessively favourable policies towards exports and foreign investments made sense in the years immediately after the country adopted its "opening-up" policy in 1979, he said.

But over time, such policies have fostered the erroneous belief that has led to the unconditional support for foreign investment and exports to achieve a consistent trade surplus. "This mentality should be corrected," said Guo, an economist who used to be in the central government's bodies for economic restructuring.He said exports should not be given a superior position in the country's economic development agenda than imports. "And trade surplus is not necessarily a good thing all the time," he said.

So now that he is taking on this CCB responsibility, does this means that 1. corrupt lending standards to money losing enterprises and property speculators abates? 2. USD reserves are mobilized to shore up CCB's capital and write off the many bad loans? 3. This statement above is about making a move on the peg, and making a move away from merchantilistic currency intervention (which favors speculators, foreign operations, the US Bubble economy and Pig Men, and money losing exporters at the expense of other Chinese), IMO.
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