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US should not blame others for its own trade deficit issues: Justin Yifu Lin

2018-April-15       Source: People's Daily Online

The US should not put the blame on other countries for its own issue of trade deficits, said Justin Yifu Lin at the session of "The Japanese Economy" during the Boao Forum for Asia Annual Conference 2018 in Boao, in south China's Hainan Province on April 10.

The US should not put the blame on other countries for its own issue of trade deficits, said Justin Yifu Lin at the session of "The Japanese Economy" during the Boao Forum for Asia Annual Conference 2018 in Boao, in south China's Hainan Province on April 10.

The former Vice President of the World Bank suggested that the US should increase its saving ratio to cope with the problem.

The same story had happened to Japan in the late 1980s when it was blamed by the US for the trade imbalance occurring between the two countries.

According to Miyauchi Yoshihiko, senior chairman of Japan’s ORIX Corporation, Japan grew into the world’s second largest economy between 1955 and 1960 thanks to its rapid development.

However, the country’s bubble economy crashed in the 1990s leading to long-term deflation. The Japan-US trade friction was one of the reasons for the crash, the senior chairman said.

Lin pointed out that the US had put great efforts into dragging down the Japanese economy, yet at the same time in fact its own problem of trade deficits still remains unsolved.

He added that the current trade deficits between the US and China stemmed from a low saving ratio, and furthermore that the US should not put the blame on China.

Editor: Monica Liu

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