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Thursday, June 30, 2005

World must adapt to China and India

The World Bank's regional regional communications manager for East Asia and the Pacific Region, Peter Stephens, stated something really good. He said that the world needs to get to terms with the emerging powers of India and China, and that trade restrictions and new tariffs, as pushed on the agenda by the US and the EU, won't bring much.

I fully agree and have said so earlier already.

It also doesn't make sense that countries and unions impose something that they ask others to dismantle earlier, but this is my opinion.

Mr. Stephens also gets my applause for saying that "Attempting to manage the world's fastest growing economy and the country with the world's biggest population is preposterous. It's delusional." His comments came "a day after the World Bank's director for China, David Dollar, said Beijing's exchange rate policy that keeps the yuan valued between 8.276 and 8.28 per dollar was a "legitimate choice" and not a manipulation of the yuan currency."

I only hope that the US and the EU is listening, listening very closely!

(By Asia Business Consulting)