China. Very few countries emit such intense controversy in today’s times. When one mentions China, several negative thoughts come to mind. A restrictive and oppressive government, countless incidents of censorship, and a country facing several economic woes are just some of the many ideas that Americans get of China. This idea that Americans have of China should be withdrawn as soon as possible. If done carefully, the current relationship between the United States and China could develop into a wonderful relationship benefiting both countries.
The first step is for the United States to pay off the debt it owes to China. No relationship can start anew unless the participating parties are on equal terms. Currently, the United States owes 8 percent of its national debt to the People’s Republic of China. China owns this small but respectful portion of the United States national debt because of their purchases of U.S. treasury bonds. A plan must be implemented immediately to halt China’s consumption of our debt. Raising the debt ceiling or defaulting on our loans is not the answer. Instead we must focus on being cautious on federal spending. The second step is to balance the trade deficit. According to census.gov, as of July 2012, the United States has imported $253.8239 billion in trade goods from China while only exporting $61.3903 billion in trade goods to China. That’s a $174.4334 billion deficit in trade. In order to alleviate our own economic woes, we must at the very least export as much as we import. This can be achieved by either decreasing our imports from China, increasing our exports to China, or a healthy balance of both.
Once these two crucial steps are completed, China and the United States can begin the road to prosperity together. Imagine the things we could learn from China, such as implementing their educational tactics to help alleviate our struggling public education system. Or the things China can learn from us, such as allowing a more free market and less government restrictions on freedom of speech.
These dreams can become a reality if the U.S. federal government implements these steps into their relations with China.