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ENDNOTES FOR CHAPTER 1
1. IMF, World Economic Outlook 2008, October 2008, p. 2. www.imf.org/external/pubs/ft/weo/2008/02/pdf/text.pdf;
Geoff Dyer, ‘‘Chinese Quarterly GDP Growth
Falls to 9.0%,’’ Financial Times, October 20, 2008.
2. ‘‘Analysts View 2-Asia Reacts After Major C. Banks Slash Rates,’’ Telegraph,
October 9, 2008. http://www.hemscott.com/news/static/tfn/item.donewsId=67476085
984853.
3. USTR (Office of the U.S. Trade Representative) ‘‘2008 National Trade Estimate
Report on Foreign Trade Barriers—China’’ (Washington, DC: May 28, 2008).
4. Central Intelligence Agency, ‘‘China,’’ The World Factbook, October 2, 2008.
https://www.cia.gov/library/publications/the-world-factbook/geos/ch.html.
5. The current account is the broadest measure of U.S. international trade and
financial transactions in goods, services, income, and unilateral transfers. In 2007,
the United States had a $5.4 billion surplus in services with China, which is
dwarfed by its $256.61 billion deficit in goods with China. The U.S. current account
balance with China for 2007 was a deficit of $289.7 billion. See U.S. Department
of Commerce, Bureau of Economic Analysis, ‘‘U.S.-International Transactions, by
Area-China.’’ www.bea.gov/international/bplweb/simple.cfmanon=79816&tablelid
=10&arealid=35.
6. ‘‘Rebalancing Act,’’ Economist, August 14, 2008.
7. ‘‘China Jan–September trade surplus 180.9 bln usd, down 2.6 pct yr-on-yr-
UPDATE,’’ Thompson Financial News, October 13, 2008. www.forbes.com/afxnews
limited/feeds/afx/2008/10/13/afx5541975.html.
8. ‘‘China Forex [foreign exchange] Reserves Exceed 1.9 Trillion U.S. Dollars,’’
Xinhua, October 14, 2008. news.xinhuanet.com/english/2008–10/14/contentl1019
3072.htm.
9. U.S.-China Economic and Security Review Commission, Hearing on Research
and Development, Technological Advances in Key Industries, and Changing Trade
Flows with China, written testimony of Charles W. McMillion, July 16, 2008.
10. Wayne M. Morrison ‘‘China’s Economic Conditions,’’ CRS (Congressional Research
Service) Report to Congress (Washington, DC: September 16, 2008), p. 2, referencing
September 16, 2008, calculation from the Bank of China with the dollar
at 6.82 RMB.
11. ‘‘Rebalancing Act,’’ Economist, August 14, 2008.
12. In 2007, the U.S. trade deficit in goods with China was $256.61 billion, and
the U.S. trade deficit with the world was $794.5 billion. See U.S. Census Bureau,
Foreign Trade Division, 2008. www.census.gov/foreign-trade/balance/index.html.
13. TreasuryDirect, ‘‘The Debt to the Penny and Who Holds It,’’ October 7, 2008.
www.treasurydirect.gov/NP/BPDLoginapplication=np.
14. William R. Cline and John Williamson, ‘‘New Estimates of Fundamental
Equilibrium Exchange Rates,’’ Peterson Institute for International Economics, policy
brief PB08–7, July 2008; Keith Bradsher, ‘‘Main Bank of China is in Need of Capital,’’
New York Times, September 5, 2008.
15. Belinda Chao and Judy Chen, ‘‘China to Slow Yuan Gains for Growth, Researcher
Says,’’ Bloomberg, July 29, 2008; Andrew Batson, ‘‘China Inflation Eases
as Trade Gap Grows,’’ Wall Street Journal, September 10, 2008.
16. Judy Chen and Belinda Cao, ‘‘Yuan Falls Most Since End of Peg on Policy
to Maintain Growth,’’ Bloomberg, September 26, 2008.
17. Brad Setser, ‘‘Back to the Future: Is China’s New Renminbi Policy China’s
Old Renminbi Policy’’ Follow the Money blog, July 31, 2008. blogs.cfr.org/setser/;
Martin Wolf and Geoff Dyer, ‘‘Renminbi Rise ‘Less Necessary’,’’ Financial Times,
August 31, 2008.
18. Martin Wolf and Geoff Dyer, ‘‘Renminbi Rise ‘Less Necessary’,’’ Financial
Times, August 31, 2008.
19. Bruce Stokes, ‘‘China’s Problems Will Outlast Olympic Games,’’ National
Journal, August 2, 2008.
20. Belinda Chao and Judy Chen, ‘‘China to Slow Yuan Gains for Growth, Researcher
Says,’’ Bloomberg, July 29, 2008.
21. ‘‘Chinese Inflation Falls to 10-Month Low,’’ Reuters, August 12, 2008.
22. Peter Garnham, ‘‘Renminbi Fall Fuels Talk of Policy Shift,’’ Financial Times,
July 29, 2008; Belinda Chao and Judy Chen, ‘‘China to Slow Yuan Gains for
Growth, Researcher Says,’’ Bloomberg, July 29, 2008.
23. Lex, ‘‘China Goes for Growth,’’ Financial Times, August 3, 2008.
24. IMF, World Economic Outlook 2008, October 2008, p. 5. www.imf.org/external/pubs/ft/weo/2008/02/pdf/text.pdf.
25. ‘‘IMF to Evaluate Whether China Currency Policy is Misaligned,’’
ChinaTradeExtra.com, July 9, 2008.