Alan Tonelson of the U.S. Business and Industry Council said G-20 statements addressing economic imbalances won't result in a global consensus on what is really needed: addressing China's currency policies that promote exports at the expense of U.S. workers.

"The Chinese follow an export-led model because they are terrified of rising unemployment. They know they can't create and maintain all the jobs they need by selling only to their own market," he said. "The United States is going to have to act unilaterally. It would be great to get more cooperation from the rest of the world, but that has not been forthcoming."
Mr. Tonelson said the G-20 will not be in a better position than the G-8 to reach agreement on the issue. "It will mean very, very little," he said. "Creating a new institution or expanding an old one does nothing per se."


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