China Says, “Romney in ’12!”on July 20, 2012 at 6:08 am
The Chinese are really hoping for a big Willard win in this election. They need one.
It’s almost a certainty that Willard will take that “business experience” he’s always touting, and use it to help the Rushpubliscums write laws that make it even easier for vulture capital firms like Bain Capital to dismember a corporation, and ship its jobs off to China.
China, as you can see, needs someone like Willard in office in Washington right now. And with the Citizens United decision, there is nothing keeping China from doing what it can to ensure Willard’s success.
His success is their success, after all. It’s been that way for a long time now.
A weakening Chinese economy, underlined by a further slowdown disclosed on Friday in Beijing, is starting to pose a headache for United States officials and the two presidential campaigns, as Chinese companies shift toward a greater reliance on selling to the American market.
A real estate bust in China and sweeping layoffs in the country’s construction sector, together with slower growth in retail sales and declining exports to Europe, have left one area that is thriving: exports to the United States.
But the result is a swelling American trade deficit with China in an election year. The bilateral deficit widened 10.2 percent in the first five months of this year compared with the gap in the period a year earlier, and preliminary data suggest that it widened further in June.
The deficit could swell even more as November approaches. The weakness of the Chinese economy is holding down its demand for American exports, even as Chinese exporters show a laserlike focus on selling to the American market.
The Obama administration has stayed silent about the Chinese export surge to the United States because it does not appear to stem from an explicit policy drafted in Beijing. The American market has become more appealing for many companies in China because of slowing demand in their home market and from Europe, as opposed to government subsidies or other policies.
But a call by China’s premier, Wen Jiabao, on Tuesday for increased investment spending has stirred some concern in Washington. American officials had been pressing China to expand consumption instead of building ever more factories that could someday produce even more exports.
“I think it’s worrisome because if China is going to do its tried and tested way of responding to an economic slowdown by increasing investment, it just sets the stage in the future for increased trade frictions,” said an American trade official who spoke on the condition of anonymity because of diplomatic sensitivities.
Exporters like the Shenzhen Ezoneda Technology Company, a manufacturer of electrical extension cords and computer cables in southeastern China, are finding an attractive market in the United States and are becoming better able to supply it. After struggling as recently as late winter to recruit enough workers, exporters are now able to run assembly lines flat out as companies supplying the domestic Chinese market lay off workers or slow their hiring.
“It is easier to find workers now than in February, it is easier to find workers this year compared to last year,” said Nick Tan, the sales manager at Shenzhen Ezoneda.
At the same time, slumping demand for steel and other commodities by construction companies and other businesses supplying the Chinese domestic economy has made it cheaper for exporters like Shenzhen Ezoneda to buy materials.
China announced on Friday that its economy grew at an annual rate of 7.6 percent in the second quarter, down from 9.5 percent in the period a year earlier. It was the sixth consecutive quarter of falling growth and the weakest officially acknowledged growth rate since the first quarter of 2009, at the bottom of the global financial crisis.
But the Chinese government also said on Friday that nationwide electricity production actually dropped 0.9 percent in June from a year earlier. That could be a sign of a much deeper slowdown. Lombard Street Research in London estimated China’s annualized growth rate during the second quarter at a little less than 4 percent.
If the Chinese get Willard in the White House AND Rushpubliscum majorities in Congress, I’m sure that a lot of these conditions can be reversed, as the Chinese receive more and more of what factory production we have left here. And, per longstanding Rushpubliscum policy, you can rest assured that the American taxpayer will foot the bill for any costs associated with relocating American factories to China. When you couple that with Chimpy’s “deferral” rule that allows American firms to pay no taxes on money they keep overseas (a personal practice of Willard’s as well,) you know who they’re rooting for in both Wall Street and in Zhongnanhai.
The thing is, of course, that the Rushpubliscums have already gutted just about everything here. You have to wonder why the Chinese are relying on this crutch again. They’re exporting to a country that can’t afford it, and in so doing will make that country even less able to afford it, as more and more American workers get the pink slip.
It seems to me that in at least some areas, the Chinese are as blinded by short-term greed as our own corporations (and Rushpubliscum politicians) are.