China has risen within the US dollar system but also been weakened by it, academic says
A leading Chinese finance professor has warned against overblown claims about China’s ability to take on the United States in a trade war, adding that it could be the start of a bigger rivalry lasting more than half a century.
In a graduation speech in the northern Chinese city of Changchun in Jilin province on Saturday, Li Xiao, dean of Jilin University’s school of economics, cautioned against “wishful thinking” about China’s economic strength and influence, saying the country was overreliant on the US dollar system.
“China’s rise is essentially a status rise within the dollar system,” Li said. “For four decades, we have benefited from the dollar system and we have also became the system’s main supporter as well as its risk bearer,” he said.
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WNU Editor: This Chinese economist's analysis is spot on. But he is holding a minority view that many in China do not agree with, starting with Chinese President Xi.
Update: Storm clouds indeed .... Storm clouds gather in China, Europe ahead of Trump’s T-Day (Gordon Watts, Asia Times).
