Quick, off the top of your head: What is China’s biggest export?
Gym socks? iPods? Wal-Mart knick-knacks? Neo-colonial African infrastructure (e.g. bridges and ports in Congo)?
We’ll hypothesize here that China’s biggest export is deflation.
General Electric Company (NYSE:GE) has received a massive order for wind turbines, which marks the largest order of its kind to be received from China. The order, reported on Monday, was placed by Huaneng Corp.
David Hunkar submits: Denmark is the one of the world leaders in producing electricity from wind. About 20% of the electricity produced in Denmark comes from wind power. Since the 1980s, the Danish government provided various incentives for the growth of this industry with the goal of reducing fossil fuel imports. As a results of these efforts, today Denmark is not only a world leader in wind power generation but also is a major exporter of wind power technology and expertise to other countries.
The big trade news of the day is that United Steelworkers union (USW) has filed a petition with the US government alleging that the Chinese government unfairly favors, through subsidies and other trade measures, its domestic manufacturers of "green" goods like solar panels and wind turbines. The petition was filed under a section of US trade law - Section 301 of the Trade Act of 1974 - that was once a strong protectionist weapon but has basically gone dormant since the advent of the World Trade Organization.
ETF Database submits: As job loses continue to mount in the United States–first-time claims for unemployment insurance recently rose by 22,000 to a seasonally adjusted 496,000–many political officials and ordinary citizens are looking for creative ways to stem the seemingly never-ending loss of jobs.