Chinese Premier Says Global Crisis More Serious Than Expected

The Business Insider ^ | 7-5-2010 | Joe Weisenthal

[blam]

Chinese Premier Says Global Crisis More Serious Than Expected

Joe Weisenthal
Jul. 5, 2010, 9:45 PM

Some interesting comments made by Chinese Premier Wen Jiabao this weekend.

WSJ:

Chinese Premier Wen Jiabao said Sunday the country's economic policies "face increasing dilemmas" because the impact of the global financial crisis is more serious than expected, but he reiterated that China won't hold back steps to restructure the economy for growth.

...

"China's current economic situation is sound, but the domestic and global economic environment is extremely complicated," Mr. Wen said. He said Beijing will try to maintain relatively fast economic development while managing inflation.

The question for the world economy is whether China is already wondering whether its modest policy loosening is already too much. Wen Jiabo isn't giving any indication of such, yet. But if US demand shrinks, and Europe can't get out of its mess in a timely manner, you have to figure leaders in Beijing will wonder what it's doing by raising the value of the yuan (albeit modestly), and not giving its exporters every advantage.

[snip]

[datura]

To Hell with the Chicoms. They should be forced to allow the Yuan to be traded on the open market - through tariffs if necessary. The free ride has gone on long enough.

[blam]

Japan Already Down A Quick 1.7%, Futures Selling Off

[PetroniusMaximus]

Look at Mr. Frumpy-pants sitting in the background.

[TigersEye]

Did he mention Barry0 by name?