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Rebalancing global economy

By Zhang Monan | China Daily | Updated: 2011-02-24 07:38

Continuous dilution of US dollar debts calls for replacing its dominance with multi-currency monetary order

The US-led Western countries' advocacy of revising the way that current accounts are measured fully exposes their attempts to shift the responsibilities for the global economic imbalances to countries with a trade surplus.

Global economic imbalances are in essence a result of the imbalances in global comparative labor advantages among different countries. There are two major labor divisions in the current global economy, namely in trade and finance.

Rebalancing global economy

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