Measures in a US$789 billion stimulus package that favor American goods are a ‘poison’ that will hurt efforts to solve the financial crisis, an editorial by China’s official news agency said.
An editorial issued late Saturday by the Xinhua News Agency said provisions in the U.S. stimulus bill approved Friday favoring American steel, iron and manufactured goods for government projects are protectionist measures that could trigger trade disputes.
U.S. labour groups that pushed hard for inclusion of the measures have argued that their main purpose is to ensure that U.S. Treasury dollars are used to the fullest extent to support domestic job creation.
China has promised to avoid ‘Buy China’ protectionist measures in its own multibillion-dollar stimulus effort, and appealed to other governments to support free trade. Deputy Commerce Minister Jiang Zengwei said in early February that China would ‘treat domestic and foreign goods equally so long as we need them.’
Protectionism was a key concern of weekend meetings of the Group of Seven industrialised nations in Rome. U.S. Treasury Secretary Timothy Geithner assured G-7 finance ministers on Saturday that the stimulus package would not violate the United States’ commitment to free trade.
ZANIS/NAMPA/AP/ENDS
Why??
Money again?
Free Trade at the expense of a countrys economy can be dangerous. I support the US govt’s position on this one>
The Free market Economy backfires :d
As you can see above, this is ONE way of ensuring the the Us economy stabilises.!! :-h
lets have something of that sort as well.
Buy Zambian will surelly benefit our local producers
5. Ba Moze
Kabili Ba Government intervenes tefyo? :d
lET US ALL REMEMBER TO SPEND LESS THAN WE MAKE OR ELSE WE WILL BE SLAVES TO OUR CREDITORS.
China can also fix the Americans through the huge debt they owe them
Jam@co
Yes thats my point. A govt cant just keep quiet and pretend all is well. 😮
Gone for meeting. Blogg later!! :)>-
#10 Ba Moze
do you think RB knows anything or let alone have a plan to save mother Z? i don’t think so, he is too busy looking busy, malabishi! **==
**==Quote for the Day**==
When the fish is rotten, it’s the head that first reveals it’s state.
Good day to all Zambians.
#12,so you cant answer your simple question?
Seems China and the U.S are switching postions. One triying to go west while the other trying to move east!….very funny =))
well atleast china has an upper hand in the global finacial crisis
Have they just realised this? All along, there has never been anything like a free market economy. Protectionism has always been carefully concealed in the background. I’m afraid this is only the beginning.
Goodmorning bloggers. Hope you all had a nice weekend.
Local Mbuzi
Press Clip:
Asked what Zambia’s position was over the US govt stimulus package that encourages “buy America” products, President Banda replied, “I don’t know. However, i would like to thank the people of Zambia for voting for me in the last elections. I will continue the legacy”.
:o:o:o Twachula!!![-(
made in china ni gonga tah
Catch Words
“Global problem require Global solution”
we are in for big trouble.Lets wait and see.
strange indeed.captalist goverments are protecting failing private bussineses here we are busy privatising critical industries like ZAMTEL
this is how a caring govt cares for its people and their tax money
Kaleza kaning’ambe!!! Njazi!!! This country has been run aground. I dont know kapena its the country that has gone to the Poppy (dogs), or the Poppy (dogs) have gone to the country!
Not even a single interlectual is explaining in explicity terms what this recession is all about.Solution to this vice will be a had thing to get.It’s now like finding the cure of “AIDS”.How can buying and selling, suddenly come to halt?
The Keynesian economics shouldn’t worry China.This is the only survival plan for USA can they do it any diffferent?
I agree with China, but their products are a big let down, substandard cheap products being offloaded on the African market.
China has refused suggestion from other nations not to sell their products cheaply and not to control their yuan so are they condemning the USA? Its survival
#26,China supplies it’s comodities depending on the status of the nation.It can supply high quality to developed nation because of the affluence people in these nation.Substandard to third world because of the inability to afford the standardised things.This is where we need to think as people found in these poor nations.Materials are gotten from our nations and we are supplied with crap finished goods.
There in America where you,look for the strong NIKE shoe brand and check where its made.
china is in trouble. the reason they are holding American Treasury bills is to keep the $ stronger then the yuan. If they start selling the $ bills, the dollar will lose value, yuan will gain. There American assets will lose value and its going to be a huge loss on their investment. what ever china says, they cant dump American debt.
I support the American idea of protectionism.
Obama you are doing good. Double thumbs up!! Hope we can take a leaf from your 100 days in office. ^:)^
THINGS THEY DON’T TELL YOU ABOUT THE BAILOUT BILL
Most members of Congress didn’t read it before they voted for it and then – along with Obama – left on a three day holiday prior to its ceremonial signing.
Never in American history has so much money been appropriated in such a careless fashion.
China is only interested in themselves. They know they ned America to buy their goods. they dont have a big enough local market. China was not really directly affected by the financial crises. It is the fall out from that, in terms of reduced consumer demand in USA that hit them hard. Just like Zambia’s case. So China should not pretend to be champions of free trade. China herself restricts foreign ownership of companies. They are a pretty selfish lot. They want you to have a joint venture with their parastatals. They can come to Zambia and own a company 100% but will not allow you to do that in China.
#28 Wanyanya. I agree with you.
In teh UK, you find very high quality goods made in China. In Zambia it is the otherway round. I used to think Chinese can only make substandard good till I came to teh UK.
I guess it’s a case of affordability. Many Zambians can not buy expensive goods. So there may not be a market large enough for high quality, expensive goods. I think poverty is very bad. It even denies you access to good quality things, unless of course they are second hand. No wonder salaula thrives.
Actually over here, every week some charity organisation comes round to collect clothes you no longer need. I guess they end up in salaula.
What can China do about this issue in serious terms? Let us wait and see!
:)>-Bye!!
Hi guys, does anyone have any detailed knowledge on Zamtel valueaters RB CAPITAL?,
Have you heard of there previous works were you’re etc, the website is very basic and amatuerish (i suspect deliberately)
Please let me in the WHO IS RB CAPITAL? thread, General section at the following link….. pls add 3 Ws at the beginning
zambiana.proboards86.com/index.cgi?
many thanks
#36 Luxor.
Well they say they are from UK. I am in UK and I have never heard of them. I know the UK is very big businesswise but I really how wonder how big that company is. Beware of briefcase businesses. That’s why corruption is rife.
I know bro/sis,
i thought such an investment should afford a decent site, am keen follower of the financial press, and i never heard of them, not i should’ve but hmmm…
could this be a Carrington Maize deal before our very own eyes?
Can someone please show me a nation in the last 50 years where socialism and ignoring free market principles works in the long term. Go to Soweto market or Cha Cha Cha Rd and see where people choose to spend their money – they make a choice based on quality and price. Those sellers who cannot deliver are given what Adam Smith said, “A slap in the face.” Obama’s protectionistic policies will only work in the short term and on a micro level. Any one who lived in Zambia in the 80’s can remember the effectiveness of socialism. Competition drives up quality and lowers prices.
# 3. Ba Moze,
Do you know what you are talking about or atleast understand international economics and trade? Buy America is a “trigger for trade wars” you don’t wanna know their factorial effects.Its good President Obama has publicly shot it down.Protectionalism in a Globalized market economy is not a panacea to recovery instead, it leads to some auturky.The US is a high tech capital intensive economy that would have good dynamic gains and lose very little in openning to trade with labor intensive economies of the world like China. Analyze the USA Marginal Rate of Transformation (MRT) then you will know why they would gain from Trade.
The USA has capacity to come out of this quagmire by managing its recovery with an open minded leadership without subscribing to trigger of trade wars.Foster intertemporal or Dynamic efficiecies in their resilient and robust economy, put an eye on realising long term macroeconomic stability mindful of large oscillation of outputs, employment and price levels. Boost economic security of individual home buyers and the general consumer,boost levels of output that lead to strong real per capital output and real per capital income. Monitor the growth rate of output.Put an eye on the Lorenz curve that tracks income growth and distribution in the economy.Look at the GINI Coefficient.Are Americans
I know not of any closed economy that has pulled out of its troubles waters unless i’m helped to know that.Then i could invest my time for a research on that country.Any one with an idea of such a country?
I pen off
It’s the new economics that bothers me. According to IMF and World Bank economics – through the Structural Adjustment Programme (SAP) developing countries cannot bail out their companies but it okay for USA and ‘developed’ countries to do so. We (Zambia) were made to privatize without regard to economic stability nor company viability.
If it is the question of debt, the USA is a very highly indebted nation. Currently, all developed countries are announcing their bail out plans but let Zambia or any toher developing country announce theirs then you will see World Bank/IMF economics come out of the hiding. Read the Confession of an Economic Hit man – makes alot of sense.
History will show Obama as a prisident is a joke
China prisident is in Africa these days
gentlemen and women.
chinese goods offloaded in africa are at the price we can afford,substandard goods for less money.
IMF is seeking to borrow 50billion from china to stabilise it’s coffers which it says will run dry in a few months.
what percenatge of our budget is funded by DONORS?
The Chinese Pres is in Africa to scoop up more stuff. Watch and see if they will not be more involved in the Copperbelt at these lower prices. We have to start adding value to goods rather than just exporting unfinished goods. Hopefully our next Pres. will have a vision for this future.
Buy Zambian please. forget the chinese.
Why, we too can deliberately promote our own.
Does Zambia have a stimulus plan?? :)):))