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Bank Chief Writes About “The Myths And Misunderstandings Of The US-China Trade Relationship”
By china.usc.edu
2018-05-05 08:50:33
 

 Source: china.usc.edu



Earlier this year, Dominic Ng published these three essays on U.S.-China trade on the East West Bank website. We reprint them here with permission from the bank.

Dominic Ng joined in East West Bank in 1991. He is the bank’s chairman and CEO. Mr. Ng transformed East West from a small savings and loan association with $600 million in assets into a full-service commercial bank with more than $36 billion in assets. East West Bank is ranked in the top 15 of the 100 Best Banks in America by Forbes since 2010.

Prior to taking the helm of East West Bank, he was president of Seyen Investment, after having spent ten years as a CPA with Deloitte & Touche, LLP in Houston and Los Angeles. Mr. Ng serves as an independent director on the board of Mattel, Inc. and he is also a member of the University of Southern California Board of Trustees. As former Chairman of the Committee of 100, Mr. Ng promotes mutual understanding between the U.S. and China, advocating a collaborative partnership between the two countries. He also served on the board of directors of the Federal Reserve Bank of San Francisco, Los Angeles Branch.

Mr. Ng is also known for his business and community leadership.  The Sino-US Times named Mr. Ng as one of the top 20 U.S. and China Economic Trade leaders in 2013.  Mr. Ng was also named by Forbes as one of the 25 most notable Chinese Americans and by the Los Angeles Times as one of the 100 most influential people in Los Angeles.  He was the first Asian American campaign chair for United Way of Greater Los Angeles and remains as a director.  He was named by the Los Angeles Business Journal as the Business Person of the Year and received the Chinese CEO of the Year Award from the Chinese CEO Organization.

1. Busting US-China Trade Deficit Myths

2. Preventing a US-China Trade War

3. Realistic Steps to Get US-China Trade Back on Track

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Busting US-China Trade Deficit Myths

July 6, 2017
 
Public opinion in the United States has turned against free trade. Donald Trump’s election win was tied to an aggressive campaign promising to address trade imbalances, with a particular focus on Chinese trade practices. On the campaign trail, Trump remarked that “China is responsible for nearly half of our entire trade deficit. They break the rules in every way imaginable.”
 

Without doubt, there are problems in the U.S.-China trade relationship. However, the current officially reported U.S.-China trade numbers are grossly inaccurate. They are based on outdated methods of data collection and calculation that were agreed to in the aftermath of World War II, and they have not been properly updated to reflect today’s global economy. It is concerning that world leaders are primarily relying on these misleading trade figures to make major decisions that have the potential to damage economies and create ill will among nations that heavily depend on each other for their prosperity....

 

RELATED: Trump’s Phony Trade War


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