To the Supervisor and Producers of Dialogue 08-11-2005 16:17

I very much enjoyed the dialogue between Miss Tian Wei and your guest Mr Stephen S Roach, the Chief Economist of Morgan Stanley.

It was truly a "dialogue" in the best sense and spirit of the word. Miss Tian was probably at her very best, coherently raising questions on a range of economic issues and dangers facing China. Thanks to her interviewing, and indeed interpersonal, skills, she was able to elicit the best out of Mr Roach, who freely gave his authoritative comments in response.

As Mr Roach said, even if China revalued the Yuan by 40% (!), it would not cure American problems of trade deficits, nor their steady loss of manufacturing jobs. But, the Congress and the Senate have decided that the easiest scapegoat of their ills is China. Unfortunately therefore, the next six months are going to be critical for the (Chinese) government. When to revalue, how to revalue, and how much to revalue; these are the questions that will require very careful handling by the government. In any case, as Mr Roach also pointed out, China cannot continue to prop up US dollar in order to maintain the existing peg.

Finally, having praised Miss Tian very highly, I should also point out that she should stop using the word "argumentation", which she must have used at least three times during the program. There is no such word; she should have used "argument" instead of "argumentation".

Best regards,

Your viewer in the UK

LIM Chiat-Chuan

Editor:Chen Zhuo

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