United Nations (CNN) -- President Barack Obama urged Chinese Premier Wen Jiabao to speed up the revaluation of his nation's currency, telling him in a two-hour meeting Thursday that the slow pace of reforms was affecting both the global and U.S. economies, a top U.S. aide said. The talks on the sidelines of this week's U.N. General Assembly opening also covered security issues including Iran, Sudan and the dispute between China and Japan -- a major U.S. ally -- regarding the South China Seas, said Jeff Bader, Obama's special assistant and senior director for Asian affairs. Most of the focus was on economic issues, Bader said, because Wen is responsible for managing the Chinese economy, the world's second largest behind the United States.
On the economic front, although the world economy is now growing again, I think it's going to be very important for U.S to have frank discussions and continue to do more work cooperatively in order to achieve the type of balance and sustained economic growth. The premier is correct in a sense. The American mindset of limiting imports due to the incorrect and simple populist notion that somehow U.S will increase employment by cutting off trade, or artificially protecting either jobs or wages. This fear is commonly used by our politicians on both sides of the party system to get elected and stir up angst against the Chinese. They are not good or evil; they are looking out for their self-interest and cannot be faulted for doing so.
Post by: Ziying Yuan
http://edition.cnn.com/2010/WORLD/asiapcf/09/23/un.china.wen.meeting/
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