The G20 meeting in London is set for 2 April 2009. One of the relative new and now major participants will be the People's Republic of China. Whatever happens to the World Economy, and therefore to the United Nations Millennium Development Goals, will depend to a great extent upon China.
One of my news sources is the China Daily. I took a look over the last couple of weeks to see what they were putting out as news worthy in terms of world economics.To a great extent they pull what they want from the same sources as we do. Which can mean that their information is as conflicted as ours is, depending upon who is talking.
China Daily (Xinhua) Updated: 2009-03-19 23:07
IMF: World economy to shrink in 2009, first time in 60 years
WASHINGTON - The world economy is expected to contract in 2009 for the first time in 60 years as advanced economies will shrink sharply, the International Monetary Fund said on Thursday.For a different perspective
In the analysis, the IMF called on G20 governments to take steps to relieve their financial systems of distressed assets and free up credit.
"Turning around global growth will depend critically on more concerted policy actions to stabilize financial conditions as well as sustained strong policy support to bolster demand," the IMF said.
China Daily (Agencies) Updated: 2009-03-18 16:46
ECB chief: Growth may resume in 2010
PARIS - European Central Bank president Jean-Claude Trichet said Wednesday that economic growth could resume next year, although 2009 will be "very, very difficult." "2010 could be the year of a moderate resumption of growth, but that depends on us," he said on France's Europe-1 radio.That seems to be saying that our only problem is that we have a bad attitude. Others have written about the Europeans refusal to follow President Obama's economic strategy. China seems to be willing to participate with the IMF, but on its own terms. It seems that China now as a far greater ability to set its own terms than it did in the last century.
He said an economic recovery depends on the confidence of governments, businesses and consumers. "The essential problem is not to make predictions in an uncertain world, it is to find confidence again," Trichet said.
By Zheng Lifei (China Daily) Updated: 2009-03-28 08:42
Vice Premier: China will aid IMF bond scheme
China is ready to buy bonds issued by the International Monetary Fund (IMF) if the multilateral financial institution's quota-based contributions fall short of immediate needs, Vice-Premier Wang Qishan wrote in a Friday article for the London Times newspaper.Links to Related China Daily Articles
In an article titled "G20 must look beyond the needs of the top 20", Wang said the IMF should set the scale of contributions by per-capita GDP rather than the size of a country's foreign exchange reserves.
"It is neither realistic nor fair to set the scale of contribution simply by the size of foreign exchange reserves," he wrote, "China is ready to play an active part in exploring ways to raise resources and will contribute to this effort within its ability. We hold that the IMF should mobilize resources through the quota-based system as well as voluntary contributions, striking a balance between the rights and obligations of the contributing countries."
- China cautioned to lend less to IMF
- Increasing stake in IMF should be voluntary, Wen says
- IMF to set up 2 more technical assistance centers in Africa
- IMF: China's 8% growth this year challenging but possible
- Brown: End western control of IMF, WB
- China may offer IMF $100b during G20 summit: expert
- UK fully supports China's role in IMF
- Major IMF reforms seen at G20 summit