Frenemy China Calls For De-Americanized World

Posted by Kevin G. Hall on October 14, 2013 

In the latest sign that the U.S.-China relationship is one of true "frenemies," the state-run news agency Xinhua on Monday called for a "de-Americanized" world.

The editorial on the English-language website of the Chinese news agency read like the best of Cold War ruminations from the Soviet Union's official media.

"Such alarming days when the destinies of others are in the hands of a hypocritical nation have to be terminated, and a new world order should be put in place, according to which all nations, big or small, poor or rich, can have their key interests respected and protected on an equal footing," Xinhua said.

The editorial went on to envision an ideal "de-Americanized" world, in which smaller, developing economies _ which China at times calls itself despite being the world's second largest economy_ play a larger role.

"What may also be included as a key part of an effective reform is the introduction of a new international reserve currency that is to be created to replace the dominant U.S. dollar, so that the international community could permanently stay away from the spillover of the intensifying domestic political turmoil in the United States," the news agency said.

China has reason to complain about the "intensifying domestic political turmoil." The potential for a voluntary, politically caused default on U.S. government bonds is a problem for China. It holds a lot of them. About $1.27 trillion of them through June, the latest official reading.

Xinhua, however, wouldn't totally do away with the United States, on whose deep financial markets and knowledge-based economy it depends for a symbiotic relationship.

"Of course, the purpose of promoting these changes is not to completely toss the United States aside, which is also impossible," Xinhua offered. "Rather, it is to encourage Washington to play a much more constructive role in addressing global affairs."

Spoken like a true "frenemy."




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