September 14th, 2011
09:17 AM GMT
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(CNN) – As China once again is getting calls to bail out a European nation, Chinese Premier Wen Jiabao told a group of business leaders that “countries must first put their own house in order.”

While “willing to extend a helping hand,” China is working on its own woes with inflation and structural reforms, Wen told the audience at the World Economic Forum in Dalian, China, on Wednesday. “Developed countries must take responsible fiscal and monetary policies. What is most important now is to prevent the further spread of the sovereign debt crisis in Europe,” said Wen, according to Bloomberg.

His comments come after reports that Rome is in talks with Beijing to buy Italian debt bonds and invest in some key Italian companies. That report sent stocks higher Tuesday, as the equity markets continued a roller-coaster ride over fears that a Greek default is imminent, sparking a debt contagion as investors lose appetite to buy other European bonds.

Wen said China was willing to invest more in Europe, but EU nations should recognize China’s status as a market economy, Dow Jones reported.

"Unemployment rates in the major economies continue to be high, and emerging economies face rising inflationary pressures," Wen said. "All this shows that the global economic recovery will take a long time and be arduous and complex."

While worried about containing debt problems in Europe, Wen also signaled his belief the U.S. economy will recover. "However, we hope the U.S. will implement sound economic policies and ensure fiscal and financial stability to protect investors' interest and maintain confidence."



soundoff (45 Responses)
  1. Peter van de Most

    China "will help the EU and the US" . Please read Anatoliy Golitsyn's book "New Lies for old" (1984) inwhich he as an ex- KGB agent discloses long term plans and strategies of the communist bloc to deceive the West. He also prediced at that tiem how China an d the western world will "cooperate" to maken teh west fully dependent on China and to transfer military technology to China. Russia plays together with China, faking a "split" between them. What is happening today is exactly what he predicted. teh communist bloc (which Russai and China still are) will exploit any economic crisis in the West, which they omitted in the 1920s.
    As a reference, he predicted the fall of the Berlin Wall and "democratization" in eastern Europe and Russia in 1984.... This in order to disarm Nato and drive the West into teh arms of Russia of China. The communist strategists are patient, we should be very carefull in this dangerous time!

    September 14, 2011 at 10:20 am |
  2. ColoredMountains

    China should stop eating dogs, abusing the zoo animals and oppressing Christians. Hopefully, the sane communists won't allow the perversion to become pandemic as it is already in the West. Immoral, purposeless, paganized West is a piece of cake to defeat.

    September 14, 2011 at 10:40 am |
  3. Kyle H. Davis

    That's like a farmer throwing manure in your yard and asking you to clean up the smell.

    For those of you about to say it... don't... The issue with Japan in the 80's is completely different. Japan used trade value as a stepping stone for development. China is using it as their only source of income – without even considering development.

    It is time that the world just says "forget it" to China.

    As for "Getting our houses in order", you might want to try the same thing, Mr. Wen. Even in under our economic conditions, we can still feed our people, partake of the most advanced health care, drink water from a tap, live in climate controlled homes... and there is no need to lock the people's minds into idiocy.

    30+ years of Yuan manipulation is enough.

    September 14, 2011 at 10:48 am |
  4. ColoredMountains

    Secular West blaspheme like mad people; that's why they are in a mess.

    September 14, 2011 at 10:49 am |
  5. Puccini

    @ColoredMountains, on the same token, the West needs to stop spending like an addict, stop been a hypocrite, look themselves in the mirror, practice what you preach, learn some humility and be nice to your fellow earthlings the Chinese, since you are begging to them for money $$$, this is all the more important, you do not want to upset your banker. :-)

    September 14, 2011 at 10:53 am |
  6. yl

    To:Kyle H. Davis
    Based on your thery, the EU problem is caused by China, how ridiculous you are, look at how hard people working in china and how lazy and slow path people in Europe(not all countries). Tinme is about changing.

    September 14, 2011 at 11:09 am |
  7. zhao hongyuan

    colored glasses.Ask Indians why guys eat beef,ask Koreans why they favor dog meat.
    I myself have been to almost all Euaropean countries,US,Canada,Australia,New Zealand,and many Asian countries.There is such a image on my mind:
    China is not so bad,while the West is not so good,except that the former is developing faster.
    Kindly remind you all,bend your head and work hard,be realistic,rrot up ideaologist mindset__only wayout.

    September 14, 2011 at 11:23 am |
  8. Carlos Costa

    While Mr. Wen is absolutely right we must not forget that in a year politic players in Chine are changing. That means that a lot of mess is under the carpet for the moment. No one wants to spoil a nice picture. But let's not forget also to take notice of some of the recent writings of Mr. Victor Shih about the economic situation in China and we'll see what will happen in 3 to 4 years. A very aged proverb says the faster and higher you climb the greater the downfall. Giant with mud steps?

    September 14, 2011 at 12:14 pm |
  9. Manoj

    Economic Development means job and security for all. But the West has transformed all their industries to China and hence losing the job market in the West. The so called Technologies come from Industries. But when Industry is transfered automatically the technology also will be transfered and new technologies will be created in China. Hence the West losing Technology and Job Market. I cannot understand the mind of the people of West and Government. Why good they get in transforming the industry to China and making a Communist country wealthier

    September 14, 2011 at 12:36 pm |
  10. jesus

    Hear,hear....wall street and us banks have created slaves and poverty in the usa and the rest of the world.
    Few bankers and wall street corporates have been punished.
    Iceland whent bankrupt because of this.
    Its greed and wealth of the "american dream" is at the expense of the rest of the world.
    The largest and greediest consumption of oil,minerals,food and uranium is from the USA.
    Americans waste 30% of their food whilst 40million are living in poverty.

    War mongering is in almost every corner of the world involving US forces or government institutions like the CIA.
    Yes....get your house in order so that we can all live in peace.

    The last 200 years of western "domination" has been destructive.

    September 14, 2011 at 12:42 pm |
  11. What Jesus?

    Before the United States appeared the world was in Chaos. Democracy was struggling to get off the ground in Europe and you still had Dynasties rulling the ancient worlds coupled with the burden of colonial rule. Before the US stepped on to the stage as a power wars were increasing in violence up until WWII when the US finally became or world power. Since then wars have had less casualities overall and the world is moving faster towards independence for the individual and respect for the pursuit of each individuals right to be happy. If it were not for the US many countries would still be ruled with the likes of Mubarak, Qadhafi and Assad. The funny thing is many blame the US and they can be right we are not perfect but when you look at the world in general the real anger is based on the mere fact that the people in the US live fairly free without the trappings of old world problems and past aggressions. If you think any other country in the world at this moment would do a better job at managing crisis around the world you are wrong. Most of the developed world wanted to leave the developing and underdeveloped world behind but it was people in the US that drove ideas like OLPC and increasing the level of underdeveloped societies ability to edcuate their children that have changed their ability to find and create innovative ideas to help their country in the future. In reality it is the old world that is still causing problems for the rest of the world. The Arab world is in disarray. They have been killiing their own people for 1000's of years. Europe did the same thing until the US came into play and pulled Europe out of their dark ages. It took Europe 100 years of brutal battles fo them to escape the old world and it will take much more than that for countries in Asia and the Middle East who never toyed with the idea of free markets and democracy. If the old world wants to keep followiing their ancient laws and keep abusing the people who allow them power how can you blame the US for this. But you know it is easy to point at the US because of their waste...but look at your own countries you allow yourselves to be exploited by allowing chronism and allowing incompetant leaders guide your countries. The US is one of the largest contributers to world AID both through its gov and civilian charities and yet you blame us for not trying to help you and your country. Charity can only help those who try to lift themselves out of their own poverty. But no the old world wants to keep bickering over old rights....old laws.....the old ways. What a bunch of horse pucky. Get your houses in order as well. We are tired of having to come in and waste our own lives for the liberties of people who don't seem to care for it. I don't get it. Again we are far from perfect but I doubt countries like North Africa or in the Middle East would be any better than the US. Europe treated the world like crap during colonialism. So lets thing about history a bit more before we jump to conclusions that the US is the big bad wolf. This is just a scapegoat argument for leaders who live in the lap of luxury while their people starve...and then they say look at the US they all live well and you don't it is their fault you are poor and starving. Don't blame your government that live like hollywood movie stars and kill anyone who opposes them.....again horse pucky. Serious do you see why people from western countries get tired of hearing the postiion of people like Jesus on this board.

    September 14, 2011 at 1:12 pm |
  12. Salvino Giusti

    Wed 09/14/2011 Malta

    The Chinese must un derstand that it is not the development of global and domestic growth that is needed in these most disquietening and turbulent times but a sincere effort in collaboration with other G7 leaders towards a complete overhaul and reshaping of the international economic order. "Beggar thy neighbour" policies, for so many years in fashion particularly in China with their grossly undervalued currency will only create further turmoil. Are we now in for a decase of grossly devalued US dollar to help Washington recoup lost jobs to China and elsewhere? And in this continuing scenario, what can Spain, Greece, Italy, Ireland, Portugal and the United Kingdom and others in Europe do to provide jobs to their tens of millions of unemployed and hopefully alleviate the quasi-collapse of the European monetary and economic system?

    The continuing application of new and advanced technologies in all facets of human activity is certainly not helping to create new jobs – on the contrary – technology is eroding job creation and destroying, in its relentless advance, a wide range of present remunerative employment. It is because of unbridled technological advancement that the world finds itself in this hopeless mess.

    I claim to be no authority on economic matters. On the contrary, I know very little and I have never pursued the subject. But tell me, given the present state of living standards in the developed and developing world where most citizens enjoy not only basic needs but in most instances luxuries not essentially necessary for a decent living, WHO is going to export WHAT to WHOM to create jobs for his job seekers? This is the crucial question which bafflews me and has been troubling me for so long and i cannot find an answer to it anywhere.

    Salvino Giusti

    September 14, 2011 at 1:16 pm |
  13. WYSIWYG

    Keeping up with the Jones is unsustainable...the west will have to share with the rest of the world.

    Giving AID (Money) is like having a greedy relative.They "like" you and will say wonderful things about you
    even at your funeral but they will never stop taking from you and will never pay you back.

    They will buy luxuries or pay their debts with the money you borrow them or even show off their material possessions.
    If you stop "funding" them they get angry and hateful.At the end of the day your "family" suffers.

    If they cannot get their" house" in order how can you expect them to "pay" you back.

    September 14, 2011 at 2:32 pm |
  14. AhPei

    The Chinese have a lot of problems of their own and cannot be the ATM machine of the world. Premier Wen is essentially saying that. Note he'd used the term "invest" – i.e. a deal that makes business sense.

    September 14, 2011 at 2:40 pm |
  15. Big_Kev

    Countries such as the US and the P.I.G.S.I (Portugal, Ireland, Greece, Spain & Italy) need to carefully study and learn from the B.R.I.C.S countries (Brazil, Russia, India, China & South Africa). These BRICS countries definitely have the right formula on how to run their nation's economy, which is why they're at the opposite end of the scale to the crumbling West. For far too long the West has been arrogant, complacent, over-spending, inactive and owner of a false sense of superiority over the rest. Now, it's come back to bite them where the sun don't shine. As kids growing up, we all learn to work hard, save for rainy days, spend within our means, not trespass onto our neighbors' boundary and live a humble life. If only PIGSI and Captain America would understand these simple principles, they would not be in such a screwed up mess. Wake up and try to recall what your parents taught you when you were little. It's not that hard.

    September 14, 2011 at 2:51 pm |
  16. Response to Salvino

    Just some quick responses

    1. China's under valued currency is the way it is because in China if you look at overall actual per capita GDP the averge Chinese preson makes very little. Now nationwide the salaries are not the same which makes it hard for westerners to understand the actual economic dymnamics at play. Larger cities like Beijing, Shenzhen, Shanghai and a few others have enjoyed the growth of the Chinese economy per capita gdp earnings are growing in those areas. However, the rest of China is slowly growing and their salaries are not growing at the same speed that housing and cost of food is. These are only a few things that are causing the value of the currency to stay low. There are still over 200 million or more (roughly the population of the US) that still live in utter desperate 3rd world conditions. Just think if America were to take over the whole of Africa, basically those would be similar economic dynamics that are taking place in China. So when they ask the other countries to get their houses in order, it means when the Chinese extend their hands to help your economy use the money for good things like developing your infrustructure not increasing your credit line and spending limits.

    2. Technology is not the harbinger of death for jobs in the world In fact technology makes jobs more effecient. The problem is that there has been this lol in innovative development around the world. One because of IP issues. When a company pays billions of dollars in research on a product they hope the returns on the product will be over the costs of doing the research in order to drive other research projects. With all of the IP issues out there "high tech" companies are fighting IP issues from developing countries like China, Brazil and others. However these same companies also snuffed out competition (i.e. intel, microsoft) and as we know competition is what drives innovation and progress. Without it a company can control the release of their products and demand above market value for their product which in turn pisses of the consumer because they have no choice but to either capitulate and buy something that might be rubbish (Windows Vista) or use other products that don't get a lot of support. (mind you that computer world). Also other companies have stifled ideas like fusion, desalinization, advanced next gen technology, bio tech, Chem Tech, Nano Tech and etc. The other side education in America is getting worse and is not better around the world....colleges are producing worker bees not innovators....there are many science jobs out there that remain empty because their are no qualified people to fill them. If you want to grow the job markets you will have to intice more kids to study things like science and remove the focus on liberal studies that are archaic or useless.

    3. The EU is a complex and unfortunately badly planned dream. A united Europe is essentail for global politics because in order to Compete on the scale of states like the US and China, it is better for Europe to be unified. On the other end of the spectrum a Unified Europe brings balance in global security: they can check the power of the US when the US gets a bit to gung ho about starting a war, it can act as a counter balance to Russian hegemonic tendencies, it can provide economic development for Africa (which it exploited for too many years...there is already talk about creating a North African alliance with the EU but the idea has been stalled since the Arab Spring), and etc. However the problem is that the EU countries have thousands of years of history, this is a dynamic that the US origiinal us colonies did not have to face...which is posing a problem for complete intigration and balancing countries desires and needs for the greater good of a European alliance. The EU bond thing was to early and short sighted, the bailouts of Greece were poorly designed, individual countries old reliance on we would be better off alone is also a problem and short sighted. UK citizens reluctance to join the EU is also a problem, but not as big of a problem as growing nationalism and anti-immigration (anti islamic) sentiments. This is really going to be a future problem: how to patriotize new citizens, how to assimilate other cultures, and how to react to social tensions between different cultures.

    Really it is an interesting time to be alive because we are seeing a new type of government arising (China), we are seeing new international and globald bureaucracy growing (IMF, WHO, World Bank), we are seeing complex social changes (Europe, Middle East, and Asia). and etc. I could go on and on. The problem with today though is we have too many gov. still operating on ancient mindsets (Islamic Countries, African Countries and some Asian countries) and that is causing a schism between the developing world (higher G7 to G20) and the developing and underdeveloped world. Also the growing gap between the uber elite and the uber poor is increasing rapidly and that has always led to war and social tensions. Attach that to religious zealots,nationalism and fundimentalism (what you are seeing a lot of today) you can almost sense that a big global war or social convulsion on the horizon (Arab Spring is just a precursor).

    So in the end if you are religious or an observer of science....irregardless of your position we all need to hope and pray that things will only get better....or the future will judge us for not doing enough, that is if humans make it past the next stage of evolution or whatever is in store for us.

    September 14, 2011 at 3:09 pm |
  17. Response to Ah Pei

    This idea of investing is also a growing Chinese problem. There are many people who cannot invest because of the growing costs of housing and the rising demand in buying absolute rubbish. China is slowly slipping into a bad spending spiral like the west. Although the gov. is saving money (only becaius of such huge profits in exports and development) many of the young Chinese are spending their parents retirement funds into the ground. Also it is becoming more difficult for Chinese students to find jobs after graduation....which will cause economic and social problems in the future. Every country should note: A highly educated underemployed population is very dangerous for social stability. Look at the Middle East and you will know a lot of what is driving problems is under employment. Saudi Arabia has noted this and is finally trying to work on building innovation in their own country so that people can open more high tech companies and bring jobs to their students coming out of college and returning home from the US. China is doing good now....but if the economy slows here, the education in China is not reformed, innovation in new technology is not growing.....you will face the same challenges are the rest of the world but on a bigger scale because the population is so big. So Jiayou China (well and to the other nations as well).

    September 14, 2011 at 3:31 pm |
  18. Qutubuddin Mohammad

    CHINA was always a Super Power in History, Prophet Mohammad said in 600AD:" Go to CHINA to acquire Wisdom and Worldy Knowledge", CHINA is the most successful civilization. IT will surely become World SUPER POWER soon. All the Best Chinese.

    September 14, 2011 at 3:46 pm |
  19. Kyle H. Davis

    yl: Yes..... sure... Chinese work harder... that's why Taiwan, Hong Kong, South Korea, Japan, Macau, Germany, and a host of other nations/places which were far more devastated by WWII, are light years ahead of China. Keep dreaming bud. The Chinese work ethic is atrocious – Let me see if I have it right – Go to work an hour late, start up QQ, start up QQ Games, take an hour lunch break, SLEEP for an hour, try some solitaire, then go home an hour and a half early. Does that about cover it?

    September 14, 2011 at 3:51 pm |
  20. Canuck Report

    STARK WARNING: Canada could already be in a downturn ...

    'RICH' IN TORONTO INDEBTED: "how much is this wealth the illusion of wealth" ...

    http://canuckreport.ca

    September 14, 2011 at 4:04 pm |
  21. Kyle H. Davis

    Response to... Response to Salvino:

    When you look at the Per Capita GDP, compared with the internal purchasing power of the Yuan, they are not far off of the "average" salary of the US. – The purchasing power of the Yuan (internally), is so dang close to the internal purchasing power of the dollar in the US. Now, before you say it, YES, you are right about the vast difference between economic classes. However, doesn't this really go to prove the fact that China has no control over their own internal economy, while they are simply using Yuan manipulation as a MASSIVE crutch?

    Should the rest of the world keep feeding this machine?

    There is NO development, other than aesthetic, going on in China. None. It has become the second largest economy, one of the fastest growing economies, second largest importer of luxury goods, doubled its billionaires in the past year (being second only to the US), has the largest trade surplus, one of the largest holdings of forex reserves, the largest automotive market... and you still can't drink the water, still have hospitals using metal staples instead of sutures, still -ping in open troughs, still installing plumbing without gas traps, still can't ensure ANY food safety... I could go on and on.

    Must the rest of the world be the financier of 1.3 billion people coming out of poverty, because the great and glorious Party cannot figure out what dozens of nations have (in the same time period)?

    China isn't the most densely populated nation, so the old "there are a lot of people there" excuse is just that... an excuse.

    September 14, 2011 at 4:10 pm |
  22. Response to Qutubuddin

    Well technically China did not EXIST in 600AD. Is just came out of the 3 states period (with lots of bloody conflict). Then the SUI dynasty came along which did not last long and turned into the Tang Dynasty (Golden Age of Ancient China if you will). A lot of muslims did come to China around that time..to become rich and make money,.but that was China's golden age....so I am not sure it is the "most successful" civilization because there were many wars in China, in fact some of the most bloodies wars in history have been in China. Tang eventually fell....hence super power do not "always" remain. So China has not "always" been a super power but its culture had staying power one can argue. It did develop a lot of technology around that time. But then even China when through the dark ages of technological advancement as European countries rose to power. Power is cyclical and terms like "always"....are not very good to use. One can argue in the same light Persia has always been a powerful region in that same logic.

    September 14, 2011 at 4:20 pm |
  23. Kyle H. Davis

    1元 can buy a 10oz glass bottle of Coke in China – in the US, $1. A pack of cigarettes (average) in China is about 5元 – in the US $5. 10,000-20,000元 a year for tuition at a basic university in China – In the US $10,000 – $20,000. A cheap car in China, 20,000元 – in the US, $20,000. When it comes to medical/dental, China is lower: Root canal and crown, in China, 500+元 – in the US, $1,000 just for the root canal. The basic fee for a hospital visit in China is about 10元 – in the US, you are looking at at LEAST $100 to walk through the door.

    Now, considering that the Per Capita GDP in China is about 48,000元, and in the US it is $47,000... One only has to imagine how rich the super-rich are in China, to offset their per capita GDP like that, if half of the population is rural.

    Again, we don't need to be funding something that China has not internal control over anyway.

    As I always say... It's nothing but an episode of the Beverly Hillbillies here.

    September 14, 2011 at 4:24 pm |
  24. Response to Qutubuddin

    When you look at the Per Capita GDP, compared with the internal purchasing power of the Yuan, they are not far off of the "average" salary of the US

    Purchasing power? Have you seen the number of empty apartments.....there was even an article of a man in Beijing (and this is becoming more common) where 80% of his salary was going to pay for his housing. The average cost to buy an apartment in Shanghai is almost the price of what it would cost a person to get an apartment in LA or New York. What is the average salary in NY 50,000 USD in LA about 50,000 USD and in Shanghai 20,000 to 30,000 USD per year. How is this similar? Food prices in Shanghai remain low...but when you consider that the overall food price in China is increasing this is becoming a problem, the Chinese gov. even had to put pricing controls in Xinjiang and some other provinces because the raise in cost inflating faster then the wages in those regions.

    Yes there are many billionaires in China....but there also many more people below the international poverty line in China then there are in the US....I never said China is the most densly populated country....that really is a tangential discussion. The trade surplus, the increased development, largest automotive markets....these are also not great indicators that the overall standard of living for the majority of Chinese people is increasing. At one time 800 million Chinese were below international poverty standards....I think the number still is around 500 million. All of the things you chose to ingore the Chinese gov. themselves have stated that if the party does not help lift up those people in China that have been left behind by economic growth the PARTY itself is in jeopordy. If China were to re-evaluate its currency to the level the rest of the world would like it to....inflation would go out of control, social instability would increase, the housing market would burst, shall I go on and on. If it is a crutch to insure that people don't die, starve or get thrown into the streets...then sure. Really this conversation is too big for a CNN tit for tat...but seriously re-evaluating the currency in China is not a good idea when you consider 1/5th of the worlds population would fall into social chaos, class violence, and ultimately war.

    Really what you mentions are not actually good indicators for understanding Economics in China, these are things often pointed out in western media, but there are lots of economic indicators people are ignoring. As you said the gowth in China is mostly asthetics....there are issues here that could lead the world into a huge economic tailspin if they were to unfold....so re-evaliuation to the point the west demands....is not logical at this time. Really the west needs to think of other ideas.....like innovating and investing...something we forgot about that made America what it is today. Now we are just spend spend spend. We have done over 50 years of deficit spending....so China and all its development is not what is causing the economic termiol in the west...it is only a part of the problem

    September 14, 2011 at 4:50 pm |
  25. Response to Kyle H. Davis

    sorry the last response was for you.

    September 14, 2011 at 5:20 pm |
  26. Rufoscoe

    Reminds me of that old saying "Beware of Greeks accepting gifts"

    September 14, 2011 at 5:42 pm |
  27. Response to Kyle H. Davis

    1 (3-4)元 can buy a 10oz glass bottle of Coke in China – in the US, $1. A pack of cigarettes (average) in China is about 5(12-20 and rising fast)元 – in the US $5. 10,000-20,000元 a year for tuition at a basic university in China (Chinese education is not the same as American education. The average student coming out of college will make 2,000Yuan a month the average student in America coming out of college can earn 4,000 USD a moth. ) $10,000 – $20,000. A cheap car in China, 20,000元 (this kind of cheap car is worthless and does not retain its values at all the average proce of a cheap good care comparable to a US Cheap good care is 90,000 yuan)– in the US, $20,000. When it comes to medical/dental, China is lower: Root canal and crown, in China, 500+元 – in the US, $1,000 just for the root canal. The basic fee for a hospital visit in China is about 10元 (this is only to get into the hospital..most people in China cannot even afford long stays in a hospital which could be over 5000 yuan a day) – in the US, you are looking at LEAST $100 to walk through the door..

    September 14, 2011 at 5:44 pm |
  28. Canuck Report

    UNACCEPTABLE: Ottawa plans to fight Buy American provisions in the new U.S. stimulus package ... http://canuckreport.ca

    September 14, 2011 at 5:55 pm |
  29. Response to Kyle H. Davis

    I forgot to add...most people in China do not have medical insurance to medigate the damage to their income. Plus the health care in China is not even close to the standard of health care iin the US.

    September 14, 2011 at 5:56 pm |
  30. Salvino Giusti

    September 14 2011
    Malta

    A few observations on comments/responses to my earlier con tribution.

    Let me make it abundantly clear that I harbor no il-feelings towards China or the Chinese and althought I have never visited their country I hold the highest respects for the people,their culture and their wondrous achievements and economic development.

    My point is that if the rotation of currency devalutions (of approx a decade and a half duration) continues undisturbed and ignored by our complacency, we will never find the jobs for our job seekers wherever you happen to live on planet earth. Only those countries with very cheap currencies will be able to export their goods and services. Is this not what happened to America when it embarked on the abandonment of a long succession of economies of waste and wars and ceded their historic omnipotence to countries like China and Japan?

    Finally, the gross imbalance of wealth distribution remains discarded and totally ignored. It must be addressed urgently.
    Large scale one time cash donations in the form of charity such as what happened in the aftermath of the Haiti earthquake
    do not offer long-term solutions.

    Salvino Giusti

    September 14, 2011 at 6:26 pm |
  31. sun52shine

    It is shameful in the way that the China government allow for the exploitation of its people. Countries from all over the globe are shipping jobs over to China because of cheap labor while paying their CEOs millions in profits. So, from the West to China and the other foreign countries – workers need to wake up and demand the same salary being paid to the US workers. Equal pay for equal work – if the workers are not being paid than someone is.

    September 14, 2011 at 7:13 pm |
  32. marinada

    I don't believe Chinese Government. china itself has many problems.
    such as: Human right, pollution of the environment,social unrest,Rural people without health care protection and children out of school is serious,etc.
    But Government officials with the right to self, a lust for gold, a lust for power and state terrorism.
    Communist Party of China is not a Savior.

    September 14, 2011 at 8:20 pm |
  33. achepotle

    I am totally ready for one party rule and communism...it will be good for USA

    September 14, 2011 at 9:34 pm |
  34. Tom

    The developing communist country with its monetary policies is being asked to bail out a developed first world European nation.

    There's something very wrong with this picture. A sign of things to come?

    September 14, 2011 at 11:12 pm |
  35. Tom

    @ achepotle You don't need communism and single-party rule. You need to sort your money out; stop spending unwisely and beyond your means.

    Ban credit cards for a decade and see what happens. Too many Americans think it is an inherent right to live like kings, run from reality by turning to borrowed finances to support their lifestyles, then attempt to pay off their debt by borrowing *more*. Madness. It's like an alcoholic who cures his hangover by having another drink.

    September 14, 2011 at 11:19 pm |
  36. zhao hongyuan

    To marinada:
    my friend, do you really think the Chinese "Government officials with the right to self, a lust for gold, a lust for power and state terrorism"???when the West invaded Iraq under an excuse which later was proven to be totally nonexsisted,did you say at that time that the US government is a state terrorism?
    As I said,I am tired of all those cliches that everything in communist state is wrong,be realistic.you cannot show off while begging for help.

    September 15, 2011 at 2:12 am |
  37. Karmapolice

    Brics need their bricks to build their houses, lending them can perish themselves. Not a dime...to anybody...Not a dime!

    September 15, 2011 at 8:12 am |
  38. downtoplanet

    read my response on my blog.

    http://downtoplanet.blogspot.com/2011/09/difference-between-western-and-eastern.html

    September 15, 2011 at 9:06 pm |
  39. Billy Graham

    Dear China, you ought to shut your yaps, because you are holding the bag. You are sitting on $2,000,000,000,000 you will never collect on because you manipulated your currency so blatantly – still do. And now you need to keep buying more dollars to keep your currency down and to prop up the value of your existing dollars. Y'all are flucked, and you brought it on yourselves.

    September 16, 2011 at 6:57 am |
  40. confucius

    never lend the western pigs a dime... $2,000,000,000,000 keep it for yourself

    September 24, 2011 at 8:06 pm |
  41. confucius

    use it to raise standard of living of 400 million chinese still living in african style poverty...

    September 24, 2011 at 8:07 pm |
  42. confucius

    china cut yourself off from depending on the ingrate pigs of the west...

    September 24, 2011 at 8:07 pm |
  43. confucius

    cut off china's slave labour lifeline to the west than let them blame it on currency manipulation.

    September 24, 2011 at 8:09 pm |
  44. confucius

    let your currency float up 10x and let them eat cake when they go to walmart

    September 24, 2011 at 8:10 pm |
  45. confucius

    finally let your currency float up 10x and let them eat cake when they go to walmart

    September 24, 2011 at 8:11 pm |

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