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September 5, 2008 3:40:24 PM CDT

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Chinese, Enjoying New Clout, Chide US on Fiscal Policy

Posted Jun 17, 08 8:16 AM CDT in Business,  US 

(Newser) – As the US economy struggles and its own booms, China is reveling in its newfound self-confidence, blasting American fiscal policy, the New York Times reports, and flaunting its own regulatory successes. Chinese officials have recently taken the US to task over the subprime mortgage crisis, the weakening dollar, and “discriminatory” attitudes toward foreign investment, showing unusual bravado in the run-up to today’s economic talks between the countries.

The US will air its own grievances at the meeting, attended by Treasury Secretary Henry Paulson and other cabinet members. American officials will complain that China regulates its market to boost its own companies over foreign ones, and will push China to enforce copyright laws and improve food and drug safety. But it may be hard for the US to make its case when, as one economist puts it, “US credibility and the credibility of US financial markets is zero everywhere in the world.” 

Source New York Times

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Delegation members of G8 Finance Summit pose during the opening photo session in western Japan, Friday, including Chinese Vice Finance Minister Li Yong and US Treasury Secretary Henry Paulson.   (AP Photo/Itsuo Inouye)
U.S. Treasury Secretary Henry Paulson speaks to the media during a news conference at the G8 Finance Ministers Meeting in Osaka, western Japan, Saturday, June 14, 2008.   (AP Photo/Itsuo Inouye)
U.S. Treasury Secretary Henry Paulson, left, greets Chinese Vice Premier Wang Qishan upon his arrival to Andrews Air Force Base in Maryland on Monday for the fourth round of China-U.S. fiscal talks.   (AP Photo/Jose Luis Magana)
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