In my morning paper: Chinese making a great leap forward,
It’s one of the epic stories of modern times – China’s great leap in a single generation from an impoverished and backward nation to a world-class economic power.
How did China achieve this? Classic protectionism. They restrict imports to protect jobs in China and bring in more. They manipulate their currency to keep it low. Etc. Etc.
The United States and other trading partners have a long list of complaints about China’s economic policies. Chief among them is the accusation that China keeps its currency, the yuan, artificially low to keep out imports and make its exports cheap in foreign markets.
Meanwhile we have a massive trade deficit with China, and since 2001 we have lost 2.3 million jobs. Thar’s what they call “free” trade. We give our jobs away for free.