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| Version 0 | Version 1 |
|---|---|
| China tells US to steady economy | China tells US to steady economy |
| (about 3 hours later) | |
| China has told the US to stabilise its economy in a sign that the emerging economic power is ready to challenge the established order. | China has told the US to stabilise its economy in a sign that the emerging economic power is ready to challenge the established order. |
| The call came at high level meetings between US and Chinese finance officials in Bejing. | The call came at high level meetings between US and Chinese finance officials in Bejing. |
| The US is far more used to giving lectures to foreign powers on economic policy than it is on receiving them. | The US is far more used to giving lectures to foreign powers on economic policy than it is on receiving them. |
| China also called on the US to boost its savings rate and to protect Chinese assets and investments in the US. | China also called on the US to boost its savings rate and to protect Chinese assets and investments in the US. |
| China's central bank governor, Zhou Xiaochuan, told US officials that: "Over-consumption and a high reliance on credit is the cause of the US financial crisis. | |
| He also said the US needed to "take the initiative... and reduce its trade and fiscal deficits." | He also said the US needed to "take the initiative... and reduce its trade and fiscal deficits." |
| The Chinese economy is growing at around 9% a year, whereas the US economy is in recession. | The Chinese economy is growing at around 9% a year, whereas the US economy is in recession. |