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Europe on a Chinese shoestring

By Yao Yang BEIJING: Will China help to rescue the euro, or not? In August, Premier Wen Jiabao said that China was ready to assist Europe in its hour of need. But, in December, at the Lanting Forum in Beijing, Deputy Foreign Minister Fu Ying declared that China could not. “The argument that China should rescue …


China’s crippled financial sector

By Yao Yang BEIJING: Even in the best of times, it is difficult for China’s small and medium-size enterprises to get bank loans. But with the current regimen of credit austerity, imposed to contain economic overheating and inflationary pressure, making conditions for SMEs worse, the financial sector — the least reformed sector in China — now …


China’s $3.2 trillion headache

By Yao Yang BEIJING: While the downgrade of Unites States government debt by Standard & Poor’s shocked global financial markets, China has more reason to worry than most: the bulk of its $3.2 trillion in official foreign reserves — more than 60 percent — is denominated in dollars, including $1.1 trillion in US Treasury bonds. So …


China should import deflation

By Yao Yang BEIJING: With China’s inflation — and inflation expectations — rising, how can price stability be maintained without threatening the country’s booming growth? Reconciling growth and fighting inflation is not impossible, but it does require that the government overcome its deep-seated suspicion of opening China’s markets to imports. The World Bank predicts 3.5 percent …


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