Wednesday, August 10, 2011

China urges West to trim fiscal deficits

China's Premier Wen Jiabao

Source: Press Tv

China's Premier Wen Jiabao has called on “relevant nations” to take "concrete policies" to trim their fiscal deficits in order to put an end to the crisis that has hit the global markets.

His comments come as the US has suffered an unprecedented downgrade of the its credit rating and the a worsening debt crisis is looming in the EU.

China "demands that relevant nations take concrete and responsible fiscal and monetary policies to trim their fiscal deficits and resolve their debt problems... to maintain global investor confidence," Wen told a cabinet meeting on Tuesday.

"China supports relevant parties' efforts to maintain financial stability and economic growth," he added, in comments published on the government's website.

The Chinese premier also called for implementing policies that would pave the way for the “growth of the global economy,” AFP reported.

"The international community should strengthen the communication and coordination of macroeconomic policies to promote the strong, sustainable and balanced growth of the global economy," he added.

In a telephone conversation on Monday, China's Vice Premier Wang Qishan and US Treasury Secretary Timothy F. Geithner discussed the issue and tried to resolve the current problem of distrust that exists among international investors.

According to the US Treasury Department data in May, China's holdings in the US has reached $1.16 trillion.

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