China had not commented, although in an interview on Wednesday President Hu Jintao said countries must "face their own problems".Beggar thy neighbour it is, then.
We all have an interest in common frameworks for business and commerce. We all want stability and gradual progress and economic growth. Problem is that it is Europe's best interest to keep things like the Common Agricultural Policy.
It's in China's best interest to defend itself vigourously from any attacks on its export-led growth and artificial pegging of its currency.
One country doing this leads to another doing it. We all do what's in our own best interest and we all suffer the consequences of a weak international framework for acceptable monetary and fiscal behaviour.
Tragedy of the commons. Privatizing profits and socializing losses.
"I don't care as long as I get mine."
This is NOT a China only issue. American politicians, esp. in Congress, like their foreign adversaries and scapegoats very much, thank you. The Europeans hardly have a leg to stand on with all the bad things they've done historically, and continue to do.
Since the first G20 crisis-related summit in November 2008, the governments of world have together implemented 297 beggar-thy-neighbour policy measureshttp://www.voxeu.org/index.php?q=node/4008
Table 1. Which countries have inflicted the most harm by imposing (almost certainly) discriminatory measures?
Note: There is no single metric to evaluate harm. Different policy measures affect different numbers of products, economic sectors, and trading partners. GTA reports four measures of harm.
Personally I would have liked to see the above table sorted also by percentage of total exports affected, estimate of imports negated, estimate of how much foreign business weren't allow to advertise or gain a foothold or start production operations or buy domestic companies. And as long as I'm dreaming I'd like a pony.