M.Phil Year 2 Translation 06TT Week 2
America misdiagnoses 'China syndrome'1. In the Seventies, when Americans fretted about nuclear power, film-makers responded with Jane Fonda and Jack Lemmon combating The China Syndrome. Today, a remake of the same title would be just as appropriate, though the narrative would be about fear and loathing of a very different variety. 2. Many senators who are firmly in the grip of this “China syndrome” will be pressing the US Treasury to label Beijing a currency “cheat” in its twice-yearly report to Congress on exchange rates 3. Since last July the yuan has been moving more than commonly supposed, crawling higher, even though its daily move is constrained within a 0.3 per cent band. 4. Many of those “made in China” labels that provoke ire in parts of America in reality reflect only that factories in China screwed together components made elsewhere in Asia — and some of these factories were even owned by American multinationals. 5. Surely this severe economic and political price is not one that Congress will want to pay simply to score a few cheap points against China. |