Lu Ning’s comment first appered on the Guardian.
While the financial crisis is deepening and spreading, attention is turning to the east. A cartoon in the Australian shows a character saying that western capitalists are looking for eastern socialists to save them.
To Kevin Rudd, the Australian prime minister, this is not a joke. He argued during a Radio Australia interview that the steady growth of China’s economy would be extremely helpful for getting Australia out of the financial crisis.
According to the International Monetary Fund’s economic forecast published last week, most western countries are facing recession next year, while China’s economy will keep growing at 9%. Rudd believes this is good news for Australia. China’s demands for ore, coal and other materials has fuelled the growth of Australia in the recent years. At the moment, China is Australia’s largest trading partner.
Last week’s announcement of interest rates cuts by China was part of a coordinated effort by the world’s central banks. It was seen by most media commentators not as a necessary step to protect China’s financial system, but as a signal showing China’s willingness to take more responsibilities on the international stage.
It is obvious to China that in economic, political and diplomatic terms, it is now in good position in relation to Australia, US and Europe.
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