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Odland: We need to get tougher on China

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Steve Odland, CEO of the Committee for Economic Development, said on Tuesday that the U.S. government needs to be doing more to toughen up on China, in order to boost the U.S. economy.

"We have to get tougher on them," the former Office Depot and Autozone CEO told CNBC's "Power Lunch."

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He said that China is responsible for counterfeiting a lot of U.S. products as well as being behind many cyber hacking attacks. "We want to retain the friendship but we've got to say look, there has got to be a cyber cease fire," he said.

He also said that Congress can enact rules to help the U.S. economy that include reforming the corporate tax system and exporting oil.

The new epicenter of risk

National Security Advisor Susan Rice (left) takes part in talks with Chinese State Councilor Yang Jiechi (right) during their meeting at the Diaoyutai State Guesthouse in Beijing on Aug. 28, 2015.
Ng Han Guan | AFP | Getty Images

Larry McDonald, of Societe Generale, said that the new epicenter of risk is in Asia.

"What we've seen over the last month is that credit has been deteriorating sharply in Asia and, sure enough, equities follow," he said in the same interview.

McDonald said that a reduction in the cost of default protection in countries such as Malaysia and Vietnam could help an equity rally be sustainable in the U.S.