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What Are Yuan? Biden’s 'Deranged' Attacks on Chinese Economy at Odds With Reality

© Sputnik / Alexandr DemyanchukChinese yuan banknotes.
Chinese yuan banknotes. - Sputnik International, 1920, 18.08.2023
John Ross, senior fellow at the Chongyang Institute for Financial Studies at the Renmin University of China, said Joe Biden must be "deranged" to believe China's economy is doing worse than that of his own country.
US President Joe Biden has lost touch with reality with his latest disparaging comments on China's booming economy.
Biden insisted last week that China was a "ticking time-bomb" of economic problems waiting to strike — even as inflation in the US outpaces growth.
That echoed the White House's false claim last year that the dollar-ruble exchange rate had hit the 200-mark and that "the ruble was almost immediately reduced to rubble" by US-led Western sanctions.
China-based academic John Ross told Sputnik that Biden's comments were "so strange, I think he must be deranged or something."
"Let's just take a few facts about the situation. He claimed that China's economy is growing at 2 percent. Well, this is nonsense," Ross pointed out. "It grew 5.5 percent in the first six months. It's been growing at 4.5 percent during the pandemic. And if it's got problems, well, the point is that the Chinese economy is growing two and a half times as fast as the US."
The academic said Biden's "ticking time-bomb" comment was "ridiculous" and "completely out of touch with reality."
"In 2023, the US has had two of the three biggest bank collapses in its entire history — and China has had no bank collapses. So heaven knows what this is," Ross said. "These are very dangerous remarks calling for a president who's out of touch, or even more weird."
Similarly, Biden's claim that China has more pensioners than working-age people — a demographic trend seen in developed Western nations — was not merely false, "but it's false by about several hundred million people."
US President Joe Biden speaks about the economy at the Old Post Office in Chicago, Illinois, on June 28, 2023.  - Sputnik International, 1920, 18.08.2023
Biden’s Approval Rating Tanks as US Teeters on Brink of Economic Calamity
"The reality is that China is growing faster than any other major economy," the academic stressed. "If you make a comparison with the either the G7 economies... China's winning by a mile. If you take my country, China is growing 480 times as fast as the United Kingdom."
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