China

Chinese officials warned Friday that next week’s G-20 summit in Toronto would not be the proper forum to discuss its undervalued currency while making clear that international pressure would not speed up the reform process.

Rapidly changing demographics, a government’s desire to be more consumption-driven and a much more conscious workforce are all factors in China’s recent hike in wage rates, a phenomenon which could proved to be a doubled-edged sword from a U.S. perspective.

After two full days of negotiations in Beijing for the second annual Strategic and Economic Dialogue, U.S. and Chinese officials reached no breakthroughs on major economic issues. Acoording to U.S. Business and Industry Council President Kevin L. Kearns, the meetings are nothing more than a guise to lull the American public into a false sense of security.

President Hu Jintao said Monday that China would continue to allow its currency to appreciate, but intimated that it could be a long process.