Pei and her friend Wu, who recently arrived in Beijing to participate in a job training course, said they did not even know that President Xi was traveling to the United States. Given the obviously pressing and ever-present nature of matters like cybersecurity and the global economy, why would Presidents Barack Obama and Xi concern themselves with nuclear weapons?
Currency talks are just one of the sensitive subjects on the agenda for Xi’s visit.
“They haven’t talked to us in five years, for all the time we’ve been here, so why should we attend a meeting now?”
Mr Jinping will also seek to assure the U.S. that its slowing economy will not affect world markets after its recent loosening of controls on its currency had knock on effects in global markets.
“Cooperation between China and the United States will bring peace to the region and economic growth and development; it will also enhance our two countries and the world in many ways from peace, to prosperity, to health care, to environmental betterment, etc.”, he said. China’s surprise yuan devaluation last month and a plunge in its stock markets since June have fuelled fears of more shocks to the economy, although PremierLi Keqiang has brushed off concerns it was facing a hard landing. In recent weeks pressure has grown on the Obama administration to respond to alleged Chinese cyberattacks on the USA and Chinese aggression in the South China Sea.
“We are against competitive depreciation or currency war”.
“I don’t know. Is this really something that I should be concerned about?” he asked. Since one criterion is that the currency must be “freely usable” the International Monetary Fund saw China’s August move as a welcome step.
Clem Miller, portfolio manager with Wilmington Trust Investment Advisors, said the International Monetary Fund standing is political and not significant economically because there would be no requirement that the yuan be used by other central banks.
In his op-ed, however, Lew claimed that China’s management of its currency and its efforts to prop up stock markets amid a massive rout have “raised doubts about the commitment of the country’s leaders to allow market forces to play a “decisive role” in allocating resources”. “So they’re on a path that’s going to be challenging”. When you look at the broader picture, it’s not like the broader Chinese economy is a market economy. “Time is running out from them”.
While feeling proud of one’s own cultural achievements, a country or a nation must not shut its door to the outside, still less, indulge in self-aggrandizement, he said. By being part of the currency reserve basket could entice institutional investors to participate in the Chinese bond markets.
In Xi’s interview with the WSJ, he recalled his several trips to the United States. He said the market expects to hear a canned speech from Xi.
Interactions between nations start with people, Xi said, adding that China and the USA have a long history of exchanges.
At a dialogue with China on the issue last month, Assistant Secretary of State Tom Malinowski said that improvements on human rights were needed by China to set a positive tone for the summit.
The expert said a key element of this new model will be for the two leaders to identify strategic areas of attention for them to cooperate on rather than becoming entrenched in deeper distrust so as to ensure that their mutual interests can be safeguarded peacefully for the benefit of the world at large.
Chinese President Xi Jinping dismissed that the Chinese dream is an illusion or empty slogan and said that it is fundamentally about making life better for the Chinese people.