US must talk economics

The plan US President Barack Obama announced on Thursday to double US exports in five years was supposed to mark a significant departure from bank bailouts that did little to save jobs or boost exporters' competitiveness.

Unfortunately, by pointing his finger at the Chinese currency, Obama has again failed to face up to the real hurdles that must be overcome if US exporters are to expand their share in overseas markets. Obama urged China to change its currency policy by saying Beijing's movement "to a more market-oriented exchange rate" is needed to help efforts to rebalance the global economy.

This sort of remark may be popular among battered US manufacturers, for it blames others for their predicament. But such misleading short-term comfort will not help rebuild their long-term competitiveness.