Economics Readings Site By Colin Ong

This blog has been created to provide an area for economics students to read about how economics impacts daily life. It is especially useful for students to understand the application of macroeconomics as communicated through the media and governmental websites.

This online resource has been set up for educational purposes.All rights are reserved by the various websites.

For further clarification, please email colin@mrmc.com.sg

Chinese Subsidies

(WASHINGTON) The United States will haul China to the World Trade Organization (WTO) for a formal hearing on industrial subsidies that US officials say violate global trading rules, officials said on Thursday.
The request for a WTO dispute settlement panel came after Washington and Beijing failed to resolve their differences on a February complaint over China's 'illegal' subsidies on a variety of products.
State subsidies for steel, paper, information technology and other industries allow China to export its goods on the cheap and so prevent US companies from competing fairly, both at home and in third markets, American officials say.
'It's another month of deficit-busting trade policy with China - a nation that doesn't play by the rules,' Ohio Senator Sherrod Brown said after the trade figures were released.
'China manipulates its currency, exploits workers and environmental standards, and exports contaminated food, medicine and products. Enough is enough,' he added.