Team 'Chimerica' by Prof.Ferguson of Harvard University

Prof. Niall Ferguson of Harvard University published "Team Chimeria" i.e. China and America in the Washington Post,Monday, Nov. 17, 2008 on page A19:

"At the heart of this financial crisis is the huge imbalance between the United States with its current account deficit in excess of 1% of world gross domestic product, and the surplus countries that finance it: the oil exporters, Japan and emerging Asia. Of these, the relationship between China and America has become the crucial one. More than anything else, it has been China's strategy of dollar reserve accumulation that has financed America's debt habit. Chinese savings were a key reason US long-term interest rates stayed low and the borrowing binge kept going. Now that the age of leverage is over, "Chimeria" - the partnership between the big saver and the big spender - is key."

Such thought is identical to my previous blogs to stress the close economic relations of two nations i.e. USA and China in the 21st century for mutual benefit.

On page A18: The emerging markets are predicted to generate all of the world's economic growth in 2009, China and the Gulf states are among the few countries with sufficient reserves to supply the IMF and other multilateral financial institutions. The delicate business of the West is the sharing more wealth and power with non-Western countries. My recommendation is for Westerners (Americans)to study Chinese language and culture for better understanding of non-Western China. "A Glimpse of the Chinese Language" is available at www.rand.org free of charge as public service via PDF for useful and timely reference.

Expo 2010 in Shanghai will be held from April 30, 2010 to October 31, 2010 from 9 a.m. until night for 15 hours; totaling 184 days with all kinds of activities for visitors to enjoy such fascinating and unforgetable events. So far,157 international organizations have signed contracts to exhibit their products.

Francis Shieh a.k.a. Xie Shihao,a dedicated educator from Shanghai wishing to share knowledge with other readers of Sino-American Economics on Monday,November 17, 2008 at 9.48 a.m.