Word: china
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...undermine the political foundation of Sino-U.S. relations" and would lead to "corresponding action" - a phrase made more ominous by its utter vagueness. Then, in response to the proposed Taiwan arms sales, the Chinese threatened sanctions against U.S. defense companies, which include conglomerates doing substantial nonmilitary business in China such as United Technologies, which has seen booming demand for its Otis elevators in Chinese skyscrapers, and Boeing, which has staked its future growth in part on demand from China's air carriers. Most recently, on Feb. 5, China's Commerce Ministry accused the U.S. of dumping chicken...
This increasing truculence is a direct reflection of a rapidly shifting economic balance of power. One of the consequences of the financial crisis of 2008-09 was the catapulting of China to the forefront of the global economic system. That trend wasn't created by the crisis, but the crisis certainly accelerated it. As the U.S., Europe and Japan contracted sharply, China registered its own brief, if scary, dip and then proceeded to use its trillions in foreign reserves to undertake a massive spending program. More effective than similar stimulus packages in the United States and elsewhere, the approach...
...China's relative strength has attracted considerable attention. From Washington to Tokyo to Davos, global business leaders are hailing China's resilience and calling on Beijing to take a greater role in governing the global economy. Its model of state-driven capitalism, having weathered the storm, has won widespread praise (as well as criticism), and slowly Chinese leaders have taken note. Now there are signs that all the talk of the Chinese miracle has started to have an effect - and not a good one. (See TIME's special report on Davos...
...recent flurry of hostile words was capped by a haughty rebuttal of U.S. Commerce Secretary Gary Locke's criticism of Chinese economic policies that favor domestic companies over American and foreign competitors. Said the official Xinhua news agency: "Ironically, the United States is now turning around and accusing China of protecting its domestic companies. Burdened by high unemployment and facing mid-term elections in November, some people in the U.S. are trying to shift public attention from thorny political and economic issues to other countries. However, such irresponsible moves will prove to be unhelpful, and China will not accept being...
...short, China is brimming with confidence, and in recent weeks that self-confidence has turned into arrogance, with scorn for the U.S. There is a long legacy of Chinese distrust of the West. Today, Chinese nationalists cannot explicitly criticize Beijing, but they can indirectly attack the government by challenging the close relationship between the U.S. and China. For many in China, the U.S. is a corrupt nation that bears China no goodwill and will drag China down if Beijing doesn't find a way to distance itself from the American economic embrace...