Monday, November 22, 2010

Alarming report on China

Every year a new report on China comes out from the  U.S. China Economic and Security Review Commission. This year's report will curl your hair.

Dan Slane, the commission chairman, said today that, "The Chinese government quite simply intends to wall off a majority of its economy from international competition.”

Economic Populist pointed out some of the report's highlights.
  • China has forced U.S. corporations to move there and hand over their advanced research and development, technology and manufacturing techniques.
  • China took advantage of the financial crisis to gun after two more market sectors, aircraft manufacturing and alternative energies.
  • China changed its state secrets laws and made them retroactive; in July, a U.S. geologist was sentenced to eight years in prison for buying publicly available geologic reports that Chinese authorities retroactively called "state secrets."
  • Cyber attacks on American companies, to steal intellectual property secrets are originating from China.
Not to mention currency manipulation. The commission says President OBama should slap tariffs on Chinese imports to redress the currency imbalance that's costing so many good American jobs.

Read the whole report here.