President Barack Obama on Sunday urged China to recognize that it is now a “mature economy” and start behaving more responsibly and currency trading hurt U.S. companies.
China needs “to understand that their role is different now than it might have been for 20 years or 30 years when they break some rules if it is really important, do not have a significant impact,” Obama said at the end of the meeting the leaders of Asia-Pacific. ”
“Now they have grown in their power to manage this process in a responsible manner ..”
U.S. welcomes “peaceful rise” of China, but Beijing is very often guilty of “game the system” for their own benefit, he said.
“We will continue to be strong that China has the same rules as everyone else,” said Obama.
Obama and Chinese President Hu Jintao, comes face to face talks during the summit on Saturday and Sunday of the Forum of Asia-Pacific Economic Cooperation, a group of 21 countries representing over half of global economic output.
As two of the world’s largest economies, the United States and China often debate on the issues of trade, the U.S. Senate recently passed a law to encourage Beijing to allow its currency, known as the renminbi and the yuan, rise faster in value.
“Most economists estimate that the yuan was devalued by 20-25 percent. That means that exports to China is cheaper and import to the United States have been much cheaper, “said Obama.
“There has been little improvement in recent years partly due to U.S. pressure, but there was insufficient time for them to continue and move toward a market-based system for your money ..”
Obama said he always said that Hu and other Chinese leaders that U.S. companies are not afraid of competition, as long as there is no equal.