Chinese premier Wen Jiabao has delivered a message to world leaders looking hopefully to China to rescue them from a double-dip recession. Get your financial affairs in order. And it might help if you moved a little faster on recognizing China as a market economy.
“Governments should fulfill their responsibilities and put their own house in order,” Mr. Wen told the opening of the summer session of the World Economic Forum, in the northeastern port city of Dalian, earlier today.
“The major developed economies should develop responsible and effective monetary policies, properly handle debt issues, ensure the stable operation of investment in the market and maintain confidence of investors around the world.”
China’s seemingly unquenchable demand for raw materials and its $3.2-trillion foreign currency reserves have turned the world’s second-largest economy into a beacon of hope for European nations struggling under heavy debt and worsening unemployment. Earlier this week, the Financial Times reported that Italy had sent a delegation to Beijing to encourage purchase of its sovereign debt. China already holds some Portuguese and Greek debt, though exact values are not known.