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US: Chinese economy should wean from cheap labor model

The United States said China needs to move away from its cheap labor and export-focused economy to maintain growth in the years aheadThe United States on Wednesday said China needs to move away from its cheap labor and export-focused economy to maintain growth in the years ahead. US Treasury Under Secretary for International Affairs Nathan Sheets also said Europe and Japan need to take action to boost domestic demand and further a global “rebalancing” that would help growth in countries which run chronic trade deficits. “The historical record highlights that some countries have been able to engineer policies — particularly policies to suppress domestic consumption — that have allowed their current account balances to remain in meaningful surplus for long periods,” Sheets said in a speech at the National Press Club in Washington. He noted that China’s powerful expansion over the past three decades was deeply founded on abundant cheap labor, massive investment and a focus on the export industry.

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