US plays cards poorly with China: Nobel laureate
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"The United States did not play its cards very well with China," American economist and Nobel Prize laureate Edmund Phelps said on Saturday in New York, during a live video conference with participants of the 2010 MEDays in Morocco's northern coastal city of Tangier.
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This October 9, 2006 file photo shows Edmund Phelps at Columbia University. |
Phelps made the remark while responding to a question whether the US was somewhat isolated during the G20 summit in Seoul.
China has been showing serious efforts in reducing its dependence on exports, said the economist. "China is moving in the right direction."
China needs time to adjust its economy and cut down its reliance on exports, Phelps said. But both the US and Europe try to beat up China, placing China in a tight space, he said.
The real problem is the conflicts between Europe and the US as they fight to export more. And Obama came up with "unpopular solutions", Phelps said.
Phelps is the winner of the 2006 Nobel Prize in economics.
