Page A12: IMF urges advanced economies pare deficits, debt.
Mr. John Lipsky, IMF's First Deputy Managing Director described China's plan to continue stimulus this year while reining in credit growth as fully appropriate, noting the government's shift in public spending away from infrastructure and toward the social sphere. A sustained rise in China's public spending - amounting to 1% of economic production - on health, education and pensions, could lead to a permanent rise in household consumption amounting to more than 1% of GDP.
Page A14: Rio and Aluminum Corp. of China reached a $1.35 billion deal to jointly develop a massive iron-ore project for the mutual benefit of Australia and China.
Page A16: Photo of a kindergarten student in Shandong province,China looks at eggs standing on end,a tradition for the first day of spring. It happens to jibe with egg hunting for Easter in the West. Well,the East and the West are One in the world.
Page A20: The making of a deal on the Chinese Yuan(RMB) and US$ dispute:
Ronald McKinnon, Emeritus Professor of International Economics,Stanford University wrote to the Editor of WSJ:
"China agrees to a one-off modest appreciation of RMB while continuing
to reduce its net saving surplus (trade) by increasing consumption.
US agrees to PBOC stabilizing the Yuan-$ exchange rate indefinitely while working on reducing America's huge net saving(trade) deficit.
Stop the trade war and the world would breathe a sigh of relief."
I concur such good idea but I would recommend that US exports highly priced high tech products that China needs in a market economy as a creditor of USA in good faith for peace and economic development.
Page C3: Bank of America's Chief visits China to assess future deals with China Construction Bank as a stakeholder.
Francis Shieh a.k.a. Xie Shihao witnessing such Sino-American Economics on the go...
Monday, March 22, 2010 at 2.20 p.m.