China’s trade surplus continued to surge in 2006 reaching $117.5 billion, a 74% growth over the same period in 2005. According to U.S. statistics, the January to November trade deficit of $214 billion set a new historical record. This lecture uncovers the rationale behind plain figures. Panelists provide the context for the larger discussion through their debate on whether the current trade imbalance is due to unilateral causes or if it is an inevitable feature of the global labor division chain. Also explored are issues such as the explanation for the Washington -- Beijing measurement gap, the effectiveness of the policy of "unpegging yuan" in balancing trade, and whether currency revaluation will set the stage for a series of domino effects on China’s international monetary policy, the growth and stability of Asia, and the globalized world economy.
Invited speakers include:
Senior Economist, Federal Reserve Bank of New York
Senior Representative, Hong Kong Economic & Trade Office in New York.