Friday, December 11, 2009

No one goes to the temple for nothing.

by Ka Lee Angel Lee

There is a saying that “No one goes to the temple for nothing.” All the efforts of both countries to cooperate are motivated by many reasons. The United States has been the leader of every aspect which includes global economy, education, science, technology as well as social development. China, the developing country, needs this giant, the United States, to give it a boost in its progress. A close relationship with the United States is indisputably China’s recipe for success. The United States, in return, needs China to accelerate its recovery economically especially after the 911 tragedy 2001 by collaborations to combat terrorism and maintain social stability. Therefore a forward-looking policy adoption by both countries towards each other is essential to allow opportunities for job, trade, investments, developments and innovations.

China is a big pool of treasures. According to the most recent record in 2009, it is “the largest holder of foreign exchange reserves, with a total sum of $2.27 trillion.” It is also “the US’s largest creditor nation, with a total U.S. debt of more than $800 billion” Since American President Obama’s national scheme summary, “including his $787 billion bailout plan, New Energy Plan and healthcare reform plan,” requires substantial financial support, China is the U.S. first choice to seek for help. Under the forecast of a $1.4 billion budget deficit of the US, China’s hold of foreign currency and growth rate of foreign trade can assist in stimulating the U.S. economy. Furthermore, the United States is the largest creditor nation in the world; therefore each changes of global economic policy of other nations can influence the global stock market thus the U.S. economy. With China being the most aggressive developing country among all, each step China takes counts a great deal to the United States.

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1 comment:

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