World Must ’Get House in Order,’ Not Rely on China: Wen
By Bloomberg News - Sep 14, 2011


Chinese Premier Wen Jiabao, facing calls to widen support for indebted European countries, signaled that developed nations should cut deficits and create jobs rather than relying on China to bail out the world economy.


“Countries must first put their own houses in order,” Wen said today at the World Economic Forum in the Chinese city of Dalian. “Developed countries must take responsible fiscal and monetary policies. What is most important now is to prevent the further spread of the sovereign debt crisis in Europe.”

Wen reiterated his message in June that China can offer “a helping hand” to Europe through investing there. At the same time, his government would ensure the nation’s economic growth remained stable, he said today. Wen called on the European Union and the U.S. to open their markets in return.

“What he is basically saying is China wants to help, they want to invest, but we can’t help you take the proper measures to control the debt crisis, you’ve got to do that on your own,” said William Rhodes, a senior adviser to Citigroup Inc. who was at Wen’s speech.

Stocks dropped in Asia, while oil and the euro fell following Wen’s comments. The MSCI Asia Pacific Index gave up its early gain of as much as 0.3 percent to trade 1.8 percent lower at 12:05 p.m. in Hong Kong. Crude oil in New York was 1.4 percent lower at $88.91 a barrel, while 104.87 yen bought one euro, from 105.56 yen earlier today.


‘Doomsday’ Scenario
Greek Prime Minister George Papandreou will hold a conference call with German Chancellor Angela Merkel and French President Nicolas Sarkozy today amid increasing speculation that Greece will default. Spain is scheduled to sell debt tomorrow, after demand fell at an auction by Italy yesterday.

A default by Greece would be a “doomsday” scenario, Rhee Chang Yong, chief economist of the Asian Development Bank, said in Hong Kong today. “That’s the responsibility of the European and advanced economies’ policy makers not to let this happen, because if this happens, there would be huge turmoil in the global financial market.”

Treasury Secretary Timothy F. Geithner will press EU finance ministers when he meets with them this week, a euro-area official said. The official spoke on condition of anonymity because preparations for the meeting in Wroclaw, Poland, on Sept. 16 and 17 are confidential. It will be the first time Geithner has attended a session of Europe’s Economic and Financial Affairs Council, or Ecofin.


Sustainable Growth
The European crisis was “very, very damaging in the American economy last summer,” Geithner told Bloomberg Television on Sept. 9. “It’s very important to the world that Europeans do what they need to do so that the problems they’re facing don’t spread.”

Wen said he was confident that China would achieve “longer term, better quality” economic expansion, and that this would be the country’s contribution to sustainable global growth. The Chinese government would adopt policies to avoid volatility in its economy, he said.

世界必须恢复秩序，并不能仅仅依靠中国

中国国务院总理温家宝正面临着扩大对深陷债务危机的欧洲国家的呼吁，他表示发达国家应该削减赤字和扩大就业而不是依赖中国保驾世界经济

“各国应首先恢复自己的经济秩序”，温总在大连举行的世界经济年会（达沃斯论坛）上如是说，“发达国家应该实行负责任的财政和货币政策，现在最重要的是采取措施阻止欧洲独立主权债务危机的蔓延”

温家宝在六月时反复强调中国会通过投资给欧洲伸出援助之手。同时，中国政府将会确保国家经济增长保持稳定，温家宝在今天说。温家宝呼吁欧盟和美国以开放自己的国内市场作为回报。

“最根本的意思是中国想去帮助，想去投资，但是他们不会帮助你去采取合适的措施抑制债务危机，你必须自己去解决“William Rhodes说。他是花旗银行的一个高级咨询师

在温家宝的讲话后，亚洲股市下跌，原油和欧元同时下跌。在香港，摩根士丹利亚太指数在12:05失手原先得到的0.3%的上升，下降了1.8%.。纽约的原油价格下降了1.4%达到88.91美元每桶。同时日元对欧元价格由早先的105.56下降到104.87

     末日'情景

   希腊总理George Papandreou将会在今天和德国总理Angela Merkel以及法国总统Nicolas Sarkozy举行一次电话会议，这次会议将在普遍猜测希腊将会违约的氛围中举行。在昨天有意大利举办的一场拍卖会上需求下降以后，西班牙预计在明天销售债券。

   希腊的债务违约将会成为一个末日情景，亚洲发展银行的首席经济学家，Rhee Chang Yong今天在香港说，“这是欧洲以及高级经济决策者的责任去避免这种情形的发生，因为一旦发生，将会引起世界金融市场的动荡“

   财务大臣Timothy F. Geithner将会在本周会晤欧盟财务大臣时向他施压，一个欧元区官员说。一位不愿意透漏姓名的官员说一位因为在9月16,17在Wroclaw的会议准备是秘密进行的，这将是第一次盖特纳参与欧盟经济与财政部长研讨会。

   可持续增长

   盖特纳在9月9号告诉Bloomberg电视台欧洲债务危机在去年夏天对美国经济产生巨大危害，，欧洲必须去做他们应该去做的只有这样他们所面临的问题才不会扩散对于世界来说这是十分重要的

    温家宝说他对于中国经济实现长期的优质的增长很有信心，而且这将是中国对于世界经济可持续增长的贡献，中国政府会采取措施避免经济中出现流动性风险