With 'Buy Chinese' edict, another nation tiptoes toward protectionism

[AlexanderProgressive]

Beijing stipulates that $586 billion in stimulus funds be spent only on Chinese goods

By Peter Ford | Staff writer of The Christian Science Monitor

Beijing - A new Chinese government edict requiring that economic stimulus money be spent only on Chinese goods takes the world a step further toward a dangerous international trade war, foreign businessmen and some economic analysts here warn.

"It is a new sign of global protectionism," worries Xu Xiaonian, who teaches at Shanghai's China-Europe International Business School. "This will definitely hurt the global economic recovery."

The new regulations, dated May 26 and reported in the China Daily this week, say that "government-funded projects should purchase domestic products unless they cannot be obtained under reasonable business conditions."

Imports paid for from the government's $586 billion stimulus plan must be approved in advance, it stipulated.

More: http://www.csmonitor.com/2009/0617/p06s04-woap.html

[DJ13]

1. Its only bad if the US tries to protect its workers

[Richardo]

2. Shit, try NOT buying from China

[msongs]

3. home depot aka china depot would be empty w/out china made stuff nt

[blue97keet]

4. "a dangerous international trade war" is just what it takes

to correct the dangerous imbalances.