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China is one of the top trading partners of the US. (Image: Radio86)
Latest world viewpoints
Global financial crisis: Should China take the lead?
“China has full confidence and capabilities to ensure sound and fast economic growth for a long period of time” Premier Wen Jiabao on CRI Nordic
"The willingness of Americans to be bailed out by China is the big question. It becomes very politically sensitive when it is buying an American firm, when China is buying up the United States at rock-bottom prices." Prof Geoffrey Garrett on The Age
Economies worldwide are scrambling to figure out how the recent US financial crisis will affect them. China is one of the top trading partners of the US. How adversely will its economy be affected? Are there any incentives for China to help solve this crisis?
The World Economic Forum held in Tianjin closed last week. At the forum's opening ceremony, Premier Wen Jiabao expressed confidence in China's economic prospects, CRI Nordic reported. China's top banking regulator, Liu Mingkang, said that while China's economic growth will fall to between 9 and 9.5 percent this year, the country's slowdown was “a blessing,” CCTV said.
According to AP, Liu criticized US lending practices, contrasting them with the prudent approach to banking that China adopted during its own real estate boom. China has been able to prevent its economy from overheating, L'express says, by balancing growth and inflation. And China's success has given rise to calls for China to take a leadership role in solving the financial crisis.
In an AFP report, Mexican billionaire Carlos Slim called China “the most important country to help responsibly” in the financial crisis. China's large stake in the US economy – it holds about 1 trillion USD (720.6 billion euros) in US Treasury Bonds, according to The Age – is a good incentive to find a solution to the current crisis.
Professor Shujie Yao of the University of Nottingham said that the financial crisis could be seen by China as a “huge long term investment opportunity.” With the help of other central banks around the world, China could help bring stability to markets, Yao said. Should China take a more active role in resolving this financial crisis?
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| China | Europe | North-America | From elsewhere |
|---|---|---|---|
| China's Economy in Good Shape Despite Global Financial Chaos CRI Nordic - 27th September 2008 China's economy was in good shape and capable of maintaining financial stability despite global chaos, Liu Mingkang, chairman of the China Banking Regulatory Commission (CBRC), said on Saturday. Hong Kong chief calms investors, says city resilient against fiscal turmoil China.org.cn - 1st October 2008 Chief Executive of Hong Kong Special Administrative Region (HKSAR) Donald Tsang on Tuesday tried to pacify nervous investors after Wall Street's historic overnight slump, saying he is confident Hong Kong's solid economy will see it through the global financial turmoil. Rescue plan rejection to hit investor confidence in China China Daily - 1st October 2008 US lawmakers' rejection of the $700 billion rescue plan makes prospects for the US and world financial markets more uncertain and may affect investor confidence in China's stock market, analysts warned. Can emerging economies continue their "dream growth"? Xinhua - 28th September 2008 Can the emerging economies, including China, maintain their pep and lead the growth for the world at large amid exacerbated risks of a global economic downturn? China can influence global stability, premier tells forum Shanghai Daily - 28th September 2008 Premier Wen Jiabao expressed confidence yesterday in China's steady and relatively rapid development, though faced with the most difficult year for its economy. Banking supervisor confident about China´s economy CCTV - 28th September 2008 The Chairman of China's Banking Regulator says the country's economy is in good shape and should be able to maintain stability despite the global crisis. |
China's Wen says 'concerned' by U.S. financial crisis Reuters - 1st October 2008 Chinese Premier Wen Jiabao is "concerned" with the financial crisis in the United States but he played down comparisons with the Great Depression, comments reported in state media on Wednesday. Mexican billionaire says China should lead crisis rescue AFP - 2nd October 2008 Mexican tycoon Carlos Slim, one of the world's richest men, said Tuesday that China should lead rescue efforts for the US financial crisis, and that worldwide stock markets needed better rules. Financial crisis: will China help? Telegraph - 23rd September 2008 There have been plenty of rumours going around in the last few days that China is ready to step in and purchase chunks of Wall Street. China could step into world financial crisis University Of Nottingham - 25th September 2008 The financial crisis rocking Western banks is an opportunity for China to take investment stakes in some of the world's leading financial institutions, a leading Chinese economist has claimed. |
Chinese Premier Wen Jiabao on CNN CNN - 29th September 2008 Transcript of the interview with Premier Wen Jiabao, in which he addresses the financial crisis, among other issues. This was the Premier's first television interview in five years. Chinese regulator says US lending was 'ridiculous' AP - 29th September 2008 U.S. lending standards before the global credit crisis were "ridiculous" and the world can learn from China's more cautious system as it considers financial reforms, the top Chinese bank regulator said Saturday at an economic forum. China's Economic Growth to Slow as World Crisis Looms, Liu Says Bloomberg - 26th September 2008 China's bank regulator said the government will maintain financial stability because the growth pace of the world's fourth-largest economy is expected to slow with the looming global financial crisis. |
China balances growth and inflation L'express, Mauritius - 1st October 2008 On the occasion of the 59th anniversary of the Founding of the People’s Republic of China, which is celebrated this 1st of October, we publish an analysis of the crucial period facing the Chinese economy. China calls for cooperation to solve financial crisis World News, Australia - 28th September 2008 China's Premier, Wen Jiabao, has called for international cooperation to resolve the global financial crisis. China holds aces as US loses face The Age, Australia - 2nd October 2008 Amid chaos on Wall Street, the question looms — who wins? Increasingly, eyes are flickering towards China. |
