The New York Time editorial board actually had a pretty good editorial on China today.

The board acknowledged the currency manipulation problem.

Perhaps most important, Beijing must also change the way it pegs the value of the yuan to the value of the dollar.

They also pointed out, accurately, the inherent future risks of China's export-only pursuit.

The strains generated by China’s huge investments in export industries are assuming shocking proportions. Unbreathable air and noxious rivers compete for attention with the global damage caused by the enormous consumption of energy and growing carbon emissions. In return, the investments are producing meager job gains. The spending power of Chinese families is lagging far behind economic growth. The no-holds barred development of export industries along the coast, at the expense of the interior, is boosting income inequality to levels rarely seen outside of Africa.

But they have no idea that we can neutralize much of the problem right now with the Ryan-Hunter bill, to countervail the currency manipulation.  The board is the the Henry Paulson mode of talking and persuading in a Strategic Economic Dialogue, which is ultimately fruitless.  They dismiss action in favor of talk, undercutting any solutions:

Chest-thumping in Washington makes things worse. 

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