Chinese Premier Wen Jiabao addresses the opening plenary of the Annual Meeting of the New Champions 2009, or the Summer Davos, in Dalian, northeast China’s Liaoning Province. , positive
Premier Wen Jiabao warned that the impact of the global financial crisis was still spreading in China and the country faces the long and arduous task of combating its effects.The official Xinhua News Agency quoted Wen as saying Saturday that China "must strengthen confidence in the face of the crisis and be ready to take firmer and stronger actions when necessary." He did not go into specifics.China is one of the only major economies still growing, though it has slowed. Growth fell to a seven-year low of 6.8 percent in the final quarter of 2008 compared with the same time a year earlier.The ...
China's Premier Wen Jiabao blamed the United States' debt-financed spending binge and blind pursuit of profit for the global financial crisis in a speech at the World Economic Forum on Wednesday."Inappropriate macroeconomic policies in some economies and their unsustainable model of development, characterised by prolonged low savings and high consumption," was first in a list of reasons Wen cited for the crisis.This was a clear reference to the United States, which has a savings rate below zero and relies heavily upon Chinese buying of U.S. debt to finance its huge current account deficit of ...