Bush says China saving 'too much'
[ 2006-11-02 15:21 ]
US President George W.
Bush, seen here on 31 October 2006, said that he hoped China would
transform from a country where people "hoard the money they have"
into one where people buy large amounts of US products.
US President George W. Bush said that he hoped China would transform
from a country where people "hoard the money they have" into one
where people buy large amounts of US products.
In an interview with radio talk show host Rush Limbaugh Wednesday, Bush
said China should become "a society in which there're consumers. Because
now they're a society of too many savers."
"And the reason why they're saving so much money is because there's not
a pension plan or a legitimate health care system. And so, therefore,
people hoard the money they have in anticipating a bad day," said the
"If we can encourage China to become a country of consumers, you can
imagine what it would mean for US producers and manufacturers to have
access to that market," he said.
Bush also said that the United States must remain present in East Asia
because "we serve as a way to make sure that there's stability. And
stability in the Far East, obviously, is essential for the United States
in the long term."
The interview came with less than one week before key US legislative
elections in which Bush's Republicans worry that the unpopular war in Iraq
may cost them control of the Senate, the House of Representatives, or
hoard : to store for future