This assessment should shake up team Obama:
BEIJING — China’s top banking regulator issued a sharp critique of U.S. financial management only hours before President Barack Obama commenced his first visit to the Asian giant, highlighting economic and trade tensions that threaten to overshadow the trip.
Liu Mingkang, chairman of the China Banking Regulatory Commission, said that a weak U.S. dollar and low U.S. interest rates had led to “massive speculation” that was inflating asset bubbles around the world. It has created “unavoidable risks for the recovery of the global economy, especially emerging economies,” Liu said.
The situation is “seriously impacting global asset prices and encouraging speculation in stock and property markets.”
I LOVE getting schooled by China!
That the Chinese government managed, or scripted, Barak Obama while not budging on the issues says something about the Chinese character that few outside of China realize. I’ve just posted on this at http://euandus3.wordpress.com/2009/11/18/china-stage-managing-barak-obama/, drawing on my visit to China.