The United
States now confronts its greatest economic
challenges since the Great Depression. In addition to resolving crises in financial
and housing markets, trade deficits with China
and on oil must be addressed for the U.S. economy to achieve robust
growth.
Fixing credit markets and energy policy are largely domestic
challenges, whereas recalibrating trade with China
requires cooperation from Beijing.
However, such cooperation requires fundamental changes in Chinese industrial policies
and a departure from maintaining an undervalued yuan to spur industrial
development.
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