Obama Vs. Romney Essay

1228 words - 5 pages

Since the China's rapid expansion, the Chinese economy had a blooming growth during the end of 20th century and the beginning of this century. Along with this growth, the currency of Chinese RMB has also grown. Since 2005 to today, it has appreciated 30%. However, the left wing influence and republican presidential candidate Mitt Romney has doubt about this number. They believed the currency of Chinese RMB has a much higher appreciation than 30%. "Mr. Romney says China's leaders are "cheaters" who keep their currency artificially low to make Chinese products cheaper on the world market" (LaFranchi, 2012). Also in the video "China v US-Currency Manipulator & Trade Wars", the short clip showed that Romney also stressed that China rely on the "cheating on currency" to counter American goods (China V US, 2013). In a fact, if the truth is just as Romney said, if China has another growth on their currency, there will be a huge impact on both Chinese economy and American economy. Net exports are one of China's three main sources of demand for domestic production. As we assumed, there is a higher currency on Chinese RMB, which would cause much less profit to export enterprises. For keep the enterprises, factory works, the sales price has to be improved. In a result, the goods sell to American would have a much higher price than before. Either American companies start to find other original equipment suppliers, or American people need to pay more for these good made in China. On the side of American export, the decrease of Chinese main sources of demand for domestic production will also cause a lower buy power for average Chinese people. Chinese people will has less money spend on American goods. Between the approach of Obama and Romney, I'll support Obama's. "…that steady diplomatic pressure has worked better" (LaFranchi, 2012). The diplomatic pressure will have less harm to the trade relationship between China and U.S. To keep the trade relation is an important thing for both countries. "Trade lets countries consume beyond their 'no-trade' production possibility curve" (P34 Colander, 2013). Beyond the production possibility curve gives more products for both countries, the trade lets both countries better off. So Obama's "soft" way to handle this between China and U.S. is better than Romney's idea.As a Chinese, I am so glad to see what my country has accomplished in last few decades. To China, this rising progress gives more opportunities to the country and citizens. People will have more opportunities to contact with the world, to cooperate more business with outside of the country. But the rise of China is also come with threats. LaFranchi has mentioned in his article, "The Obama administration has stepped up the slapping of punitive trade measures on China…from tariffs on Chinese solar cells to sharply higher duties on wind-power generation tower" And also with "the increasingly prominent issues of corporate espionage, hacking, and...

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