The latest advertisement from the Romney campaign hits Obama on his China policy.”Under Obama, we’ve lost over half a million manufacturing jobs,” a narrator says in the advertisement. “And for the first time, China is beating us.”
The advertisement goes on to berate Obama for refusing to “stop China cheating” — a reference to US Treasury decisions not to label China a “currency manipulator.”
It’s not the first time that Romney has hit Obama on this China policy. The LA Times reports that while campaigning recently in Virginia Romney said, “The president has had the chance year after year to label, to label China a currency manipulator, but he hasn’t done so and I will label China the currency manipulator they are on the first day.”
However, Obama may have an ally here — Beijing.
Chinese state-run news agency Xinhua has released a sternly-worded editorial today criticising Romney for his comments. Here’s a key passage:
What is more sensational is that this millionaire GOP candidate has vowed to declare China a currency manipulator on the first day of his presidency if elected.
Yet it is rather ironic that a considerable portion of this China-battering politician’s wealth was actually obtained by doing business with Chinese companies before he entered politics.
Such blaming-China-on-everything remarks are as false as they are foolish, for it has never been a myth that pushing up the value of China’s currency would be of little use to boost the chronically slack job market of the world’s sole superpower, not to mention to magically turn the poor U.S. economic performance around.
Xinhua had previously criticised Romney for his “hawkish” remarks about the Middle East.
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