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China hopes US keeps deficit to 'appropriate size': Wen
Sharm El-Sheik, Egypt (AFP) Nov 8, 2009 Chinese premier Wen Jiabao said on Sunday he was encouraged by signs of an economic recovery in the United States, but hoped it would keep its budget deficit to an "appropriate size" to stabilise the US dollar exchange rate. "We follow very closely China's holdings of US assets, because that is a very important part of our national wealth," Wen told a media conference at the Egyptian resort town of Sharm el-Sheikh, where he is attending a China-Africa cooperation summit. "We have seen signs of recovery in the US economy, which makes us see the light of hope," he said. "I hope the US will effectively discharge its responsibilities ... most importantly we hope the United States will keep an appropriate size to its deficit so that there will be basic stability in the exchange rate," he added. Wen had said in March that he was concerned that US deficit spending would threaten the assets of China, which invests more than half of its foreign currency reserves in American bonds and is the United States' largest creditor. Share This Article With Planet Earth
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Booming shares boost China's super-rich, Forbes saysShanghai (AFP) Nov 5, 2009 The sharp rebound in Chinese stocks has seen the total fortune of the nation's ultra-wealthy balloon by 141 billion dollars, Forbes magazine said Thursday as it released its annual China rich list. The net worth of the country's 400 richest people rose to a record 314 billion dollars in the year to November from 173 billion dollars a year ago, Forbes said in a report. The list consists o ... read more |
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