{"id":9931,"date":"2011-08-09T03:08:47","date_gmt":"2011-08-09T03:08:47","guid":{"rendered":""},"modified":"2011-08-09T03:08:47","modified_gmt":"2011-08-09T03:08:47","slug":"China-urges-concrete-and-responsible-actions-on-debt","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=9931","title":{"rendered":"China urges ‘concrete and responsible’ actions on debt"},"content":{"rendered":"

China’s Premier Wen Jiabao today called on “relevant nations” to take “concrete and responsible fiscal and monetary policies” to restore the confidence of global investors.<\/strong><\/p>\n

Wen’s remarks were the first to be made by the government of China, the largest foreign holder of US debt<\/strong>, since an unprecedented downgrade of the United States’ credit rating last week.<\/p>\n

They came as stock markets around the world plunged to fresh lows in a massive sell-off driven by fears of a new global recession.<\/p>\n

Wen’s comments came days after ratings agency Standard & Poor’s downgraded the US from a top-flight AAA to an AA+ rating, largely because of the failure of US leaders to reach a consensus on containing the country’s spiralling debt.<\/strong><\/p>\n

China, which held about US$1.2 trillion in US debt at the end of June<\/strong>, has used its state media to launch an extraordinary barrage of criticism at the United States and, to a lesser extent, Europe.<\/p>\n

On Monday, an editorial in the People’s Daily — the mouthpiece of China’s Communist Party — accused Western nations of putting the global economic recovery at risk by “ignoring their responsibility”.<\/p>\n

“If developed countries including the US and European Union don’t take responsibility, it will impair the stable development of the global economy severely,” the newspaper said.<\/p>\n

“Only if Western nations stop ignoring their responsibility and use a sharp blade of determination and courage to cut through the ropes binding their policies and strengthen coordination with developing countries will the global economy have hope of a stable recovery.”<\/p>\n

The article appeared under the name Zhong Sheng, which means “voice of China”, and is often tagged to editorials in the People’s Daily.<\/p>\n

China’s official Xinhua news agency has urged Washington’s Democrats and Republicans to stop blaming each other over the downgrade and find solutions.<\/strong><\/p>\n

“Disappointingly, instead of reflecting on themselves and sitting down to fix problems in a cooperated way, the Democrats and Republicans… are questioning the credibility of the downgrade ruling and blaming each other,” it said in a commentary yesterday.<\/p>\n

On top of concern about the eurozone and US debt, Chinese inflation of 6.5 per cent, the highest level in three years<\/strong>, raised the chances of interest rate hikes that would curb economic activity in the world’s second biggest economy.<\/p>\n

Source AFP<\/em>
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