Word: mainlander
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...deficit spiked at more than 50%, but it since has sunk to about 10%. Meanwhile, China's share has slowly crept upward, to more than 20%, and now represents the U.S.'s largest deficit with any country. The trend is set to continue as Beijing opens the mainland's economy to meet the terms of WTO membership. Bush will also have to keep a spotlight on the Chinese policy of pegging its currency, the renminbi, to the U.S. dollar. The Bush Administration has criticized Beijing for keeping its currency artificially undervalued, making Chinese-made products more competitive and investment...
...Chinese officials argue that the mainland needs to fix major domestic financial problems, such as a banking sector riddled with bad loans, before tackling currency reform. In any event, President Bush will be able to push China only so hard. America is becoming more and more dependent on Asia for its own growth. U.S. companies, from General Motors to Motorola to McDonald's, are banking on China as a substantial source of future profits. Cheap imports of toys and electronics from China fill stores in the U.S. and help keep American consumers spending and supporting their own economy...
...largest apparel maker listed on the Hong Kong stock exchange, Luen Thai has factories in four countries but is shifting capacity to mainland China ahead of the lifting of the trade restrictions. Last year, the company's plant on the tiny Pacific island of Saipan?a U.S. territory exempt from quotas?accounted for nearly half of all its production, compared with about 25% from China. But Chinese output is expected to double this year, and for the next few years Luen Thai plans to increase head count at its Dongguan facility from 5,000 to 14,000. In May, Luen...
...Indonesia, and a year ago it signed a major contract to produce gas in Australia. In February, President Hu traveled to Gabon hoping to secure agreements in Africa. In June, he led a delegation from China's natural gas industry to Uzbekistan to build the mainland's presence in oil-and-gas-rich Central Asia. Chinese oil executives have even begun courting Ecuador and Colombia in hopes of buying oil in the U.S.'s backyard. "Latin Americans feel frustrated that the U.S. has virtually ignored the region, so turning to China is prudent and will pay financial dividends down...
...assertive as China appears to be in its search for oil, so far it has fallen far short of its goal of energy security. Currently, production from China's overseas investments supplies just 5% of imports?the rest is purchased on the open market. Mainland oil companies have twice been foiled in their efforts to buy stakes in fields in Kazakhstan, and they haven't secured any significant drilling rights in Central Asia or the Middle East. The fields that Chinese companies have so far bought into are already mature, and many experts feel they've overpaid. "China has been...