From Guardian Unlimited:
It is hardly a surprise that the large American economic delegation to China has returned with little to show.
Even at the final press conference, while the US treasury secretary, Henry Paulson, said China would make its currency more flexible but gave no timetable; the Chinese deputy prime minister, Wu Yi, did not indicate that such an agreement was reached.
China is proud of its size and age, and it does not like foreigners demanding concessions and prefacing sarcasm in their remarks, which resemble lectures. Giving lectures in China, Chinese leaders think, is a Chinese prerogative. But such apparent cultural sensitivity apart, this does not make the Chinese right….[Full Text]
(photo: A bank teller counts Chinese yuan notes at a branch of the China Merchants Bank in Beijing. Photograph: Michael Reynolds/EPA)
