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1、USHasLittletoTeachChinaaboutSteadyEconomyThereisasecondmyth:thatChinawouldbenefitfromlettingitsexchangeratefloatfreely,lettingmarketforcessettheprice.Nomarketeconomyhasforesworninterveningintheexchangerate.Moretothepoint,nomarketeconomyhasforeswornmacroeconomicinterventions.Governmentsint
2、erveneregularlyinfinancialmarkets,forinstance,settinginterestrates.Somemarketfundamentalistsclaimthatgovernmentsshoulddononeofthis.Buttoday,nocountryandfewrespectableeconomistssubscribetotheseviews.Thequestion,then,iswhatisthebestsetofinterventionsinthemarket?Thereisahighcosttoexchangerat
3、evolatility,andcountrieswheregovernmentshaveintervenedjudiciouslytostabilisetheirexchangeratehave,byandlarge,donebetterthanthosethathavenot.Exchangeraterisksimposehugecostsoncompanies;itiscostlyandoftenimpossibletodivestthemselvesofthisrisk,especiallyindevelopingcountries.Thequestionofexc
4、hangeratemanagementbringsupabroaderissue:theroleofthestateinmanagingtheeconomy.Today,almosteveryonerecognisesthatcountriescansufferfromtoolittlegovernmentinterventionjustastheycansufferfromtoomuch.Chinahasbeenrebalancingand,overthepasttwodecades,marketshavebecomemoreimportant,thegovernmen
5、tlessso.Butthegovernmentstillplaysacriticalrole.China’sparticularblendhasservedtheChinesewell.Itisnotjustthatincomeshavebeenrisingatanamazing9percentannually,andthathighrateshavebeensustainedformorethantwodecades,butthefruitsofthatgrowthhavebeenwidelyshared.From1981to2001,422mChinesehavem
6、ovedoutofpoverty.TheUSeconomyisgrowingatathirdthepaceofChina’s.Povertyisrisingandmedianhouseholdincomesare,inrealterms,declining.America’stotalnetsavingsaremuchlessthanChina’s.ChinaproducesfarmoreoftheengineersandscientiststhatarenecessarytocompeteintheglobaleconomythantheUS,whileAmericai
7、scuttingitsexpendituresonbasicresearchasitincreasesmilitaryspending.Meanwhile,asAmerica’sdebtcontinuestoballoon,itspresidentwantstomaketaxcutsfortherichestpeoplepermanent.Withallthisinmind,China’sleadersmaynotfeeltheyneedtoseekadvicefromtheUSonhowtomanageeithertheex