'China's economic responsibility' theory irresponsible
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4. It is unreasonable and unjust to ascribe all economic problems to China and impose responsibilities for resolving all conflicts on China.
The "China's economic responsibility" theory has concealed the principal contradiction in global economy, especially the root of the global financial crisis.
The crisis is rooted in the unjust and unreasonable international financial order as well as some countries' irresponsible fiscal and monetary policies.
A few developed capitalist countries built an international economic system based on their own will and needs after World War II, but now the system is undergoing great changes. Although G-20 summits have taken several steps toward reforming international economic governance system after the financial crisis, the economic governance structure led by the developed countries and interest distribution system have not yet undergone fundamental changes.
"The dollar is our currency, but your problem," John Connolly, former U.S. secretary of the treasury, told his European counterparts in the 1970s. His words explicitly explained the damages that the U.S. dollar's hegemony had caused to the world economy.
The abuse of dollar's hegemonic status has objectively resulted in the virtualization of the U.S. economy and the bubble in the country's virtual economy. What is worse, the United States adopted a fiscal and monetary policy that gave free rein to excessive consumption and borrowing until the financial crisis broke out and expanded from Wall Street to the entire world.
Currently, the international economic system is still suffering from structural defects, and the systemic and structural risks remain. Therefore, it is the joint duty of both developed and developing countries to establish a more just and reasonable international economic system for more balanced development of the world economy.
