What a great way to start the day. I wake-up and read that China has sold $34.2 billion worth of US treasury bonds. This means that Japan is once again the largest holder of US debt! It is way better to have our debt in the hands of a trusted ally rather then a power-hungry adversary. That is just international relations 101.

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China has hit back at the US a day after President Barack Obama promised to take a tougher line with Beijing over currency and trade.

Chinese foreign ministry spokesman Ma Zhaoxu insisted the value of the Chinese yuan was not the main reason for China’s trade surplus with the US.

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In somewhat stunning news, CNN.com is reporting that Google China might be shutting down. Google is reportedly upset with the censorship and hacking that is going on with their Chinese operations. In a move that seems to be forcing the hand of the Chinese government, Google is planning on saying ‘stop the censorship or we are leaving!’

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In 2003, Goldman Sachs introduced what they perceive as the new wave of economic powerhouses.  Brazil, Russia, India and China are listed as the four countries that will become the economic juggernauts by the year 2050. Out of the four countries selected by Goldman Sachs, China is performing the best; they have the largest increase in growth and the highest GDP but the least amount of democracy.  Brazil, Russia and India pose the biggest questions and have the most work to do to prove Goldman Sachs correct.

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The religious and political leader of Tibet, His Holiness the Dalai Lama is visiting Washington, D.C. during the week. In a stunning and stupid move, President Obama has delayed his meeting with the historic leader of Tibet in order to kiss the ass of President Hu Jintao in November. What this is really saying is that he values the economic friendship of China more so than the people of Tibet who are suffering under the communist dictatorship.

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The Ministry of Commerce for the People’s Republic of China issued a statement today, 9-14-2009, concerning US and Chinese trade.

China launched anti-dumping and anti-subsidies investigations into some automobile and chicken products originally produced in the United States, the Ministry of Commerce (MOC) announced on Sunday.

The probe follows complaints from Chinese manufacturers. They alleged the above products entered the country’s markets with an “unfair competition manner”, which harmed domestic industries.

The ministry said the investigation was in accordance with the World Trade Organization rules and China’s laws.

The MOC announced, China always firmly opposes protectionism. The country hoped all countries worked together to promote a quick recovery of the world economy.

This statement was issued two days after President Obama announced the increase in tariffs on Chinese-made tires for cars and light trucks. The tariff increase is 35% in the first year, 30% for the second year and then 25% for the third year. President Obama claims that this is to help the US tire industry recover from the Chinese imports that have led to thousands of jobs lost.

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