China Blames the U.S. for Global Financial Mess

Ad Feedback

While the upcoming stimulus package has dominated domestic headlines, much of the rest of the world is focused on Davos, Switzerland, at the World Economic Forum.  Though President Obama is not personally attending, the U.S. has been a convenient scapegoat for many global leaders, including China's Premier Wen Jiabao.

During today's talks, Wen blasted the U.S. indirectly by references to "inappropriate macroeconomic policies of some countries" coupled with "prolonged low savings and high consumption."  A lack of banking regulations was also on Wen's list of grievances.

It doesn't take a political genius to catch the blatant reference to the U.S. despite discussing it specifically.  Treasury Secretary Timothy Geithner was far more specific in his criticism of China's currency valuation last week.

Despite these disagreements, the trade relationship between the U.S. and China remains far too significant to the respective economies, not to mention the global financial system, to let these remarks cause much friction between the two countries.

The Beijing government has a staggering $2 trillion dollars in U.S. debt, so a failing U.S. economy or weakened dollar would not bode well for China.  Similarly, a strong protectionist stance from either country could have detrimental results for both.

With so many joint interests, Chinese and U.S. leaders should mutually benefit from increased cooperation.

Log in or create an account to post a comment.  


Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBN News

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.