In China Is Resisting Pressure to Relax Rate for Currency, Peter S. Goodman points out that

while some U.S. industries, such as textiles and furniture, have been hammered by cheap Chinese imports, others benefit from the low yuan. U.S.-based multinational companies such as Dell Inc. and Texas Instruments Inc. use cheap labor here to make products that are shipped for sale in other markets; if the yuan rose in value against the dollar, it would raise these companies' labor costs because they would need more dollars to pay the same salaries here. And with a fixed currency, companies that make and sell goods within China, potentially the world's largest consumer market, are girded against any change to the lucrative status quo...

many economists take issue with the notion that China's economic growth is a malevolent force. Consumers around the world are enjoying ever lower prices for a widening range of goods produced here. More and more of China's new wealth is being spent on imported goods, fueling growth in other economies, particularly in Southeast Asia and Japan.

"Everyone is focusing on what China is exporting, but in fact China is creating lots of jobs," said Nicholas R. Lardy, a China expert at the Institute for International Economics in Washington.

Many analysts say China is being cast as a scapegoat for manufacturing weakness in countries that would be suffering the pains of such restructuring regardless.

"The U.S. simply cannot have manufacturing," said Larry Lang, chairman of the department of finance at the Chinese University of Hong Kong. "It's not the American comparative advantage. There's no point in focusing on China. Even if these cheap products weren't coming in from China, they would be coming in from the Philippines, Taiwan, Indonesia. This debate is all politics, not economics."

The perception of China as an economic threat is largely the result of its exports....But China's imports are growing faster than its exports...

the strongest argument for holding the line was voiced indirectly on a recent afternoon outside the deafening assembly line at Galanz by a former farmer named Sang Zeyang. He left his village in inland Anhui province to look for a way to sustain his wife and two children. He found it here, making ovens for families in lands he can only imagine.

"In Anhui, I had no work," he said. "We lived on several thousand renminbi a year [about $400.] Here, I make more than 1,000 renminbi in a single month."