China, which has nearly $2 tillion of foreign exchange reserves, last month overtook Japan to become the largest foreign holder of US government debt,
Zhou Xiaochuan, governor of the Chinese central bank, urged the US to rebalance its economy. “Over-consumption and a high reliance on credit is the cause of the US financial crisis,” Mr Zhou said. “As the largest and most important economy in the world, the US should take the initiative to adjust its policies, raise its savings ratio appropriately and reduce its trade and fiscal deficits.”
No comments:
Post a Comment