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China: Global Economic Recovery Starts At Home

November 22, 2011 by  

China: Global Economic Recovery Starts At Home

Chinese Vice Premier Wang Qishan said on Monday that the global economic outlook is extremely grim, and that China will seek to bolster its own economy as the rest of the world lags behind.

Wang said he believes an “unbalanced” global recovery is the best way to approach the global financial crises and that his country is looking to invest 10 trillion yuan ($1.7 trillion) to spark its own economic growth, according to Reuters.

The investment amount is more than two times larger than China’s 4 trillion yuan stimulus package launched during the global financial crisis plans first reported by Reuters a year ago.

Wang suggested that the United States take note of China’s plan to invest in sectors including alternative energy, biotechnology and advanced equipment manufacturing. The country’s aim is to shift the growth engine of its economy to cleaner and high-tech sectors.

“As major world economies, China and the United States would make a positive contribution to the world through their own steady development,” Wang said.

Economic policy experts are still speculating whether, with the most recent round of global economic uncertainty, China will work to boost its exports like it did during the 2008-2009 crisis.

Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • DanB

    So instead of bailing out Europe we should strengthen our economy at home? On the surface, I agree with this. We know Europe’s economy is going to fail. Dumping money in accomplishes two things. Delays the inevitable and ensures that our own nation is unable to handle the crisis that spills over…. Where I disagree with the Chinese plan is that I believe the government should NOT be investing in the US economy directly. I believe the US government should shrink, and then let the private economy expand using the opportunities presented when the US government STOPS controlling, managing, and generally wasting our resources and future…. Of course, politicians cannot stand the idea that the best thing they can do is do nothing, so they’ll intervene, too late, and in all the wrong places! It so much easier to destroy than to build. And government excels at destroying!

  • Ted Crawford

    China can certainly spend far more than we can. After all, due to Obamas spend and borrow policies, we are financing somewhere between 60% &80% of their military with just the interest on our debt to them!
    If, as it appears they are trying to do, they can entice Obama into a competition on solar energy, they win again! Given the fact that for solar to function it requires the use of Rare Earth Minerals to which there are no known substitutes, nor any known method of recycling them, and the fact that China controls 95% of the known global sources!
    Obama seems inclined to want to play a game ,by their rules, on their field, with their ball! One must wonder WHY?

  • wbliss

    If the USA had taken all that stimulus money and divided it among the tax payers, the tax payers would have used that money to pay their bills. The economy would have been stimulated. What’s more is that companies that are actually providing a valuable service to the tax paying consumers would be the ones that receive the business. Dysfunctional companies and banks would not get rewarded for their dysfunction. The USA economy would have already started healing by now.

  • http://Boblivingston Lyle McDaniel

    The country’s aim to shift the growth engine…. Their aim is to forclose on the loan. Dont buy their B.S.

  • Tony N

    We need to follow what China is suggesting they are going to do here in this article ,

    and we can do it with the idea below , so we can recapitalize the States and work around the lack of lending that the Wall Street banking sector seems to be restricted from by the Strong Arm tactics that the Obama administration and Congress has Implemented with Dodd Frank Financial Reform , and by the way the recent KeyStone pipeline postponement by Obama and the USDA / EPA , it appears that Obama is Controlled by his Environmentalists Base of ANTI Growth Marxists rebels who are hell bent on De-developing the USA and are satisfied with reducing the Quality of life in the USA down to a Dirt Floor Open Fire Pit Society .

    The reason Big Government trying to help the poor will not work is Because they Rat Hole the Money instead of getting to the Poor , case in Point , Shovel ready Jobs versus I guess there was not that many Shovel ready Jobs , but that Money went somewhere ……. and while these ideologues rat hole cash we the people are running lower and lower on vital human supplies because we are not expanding the rate of supply with population growth demand !!!!!

    And the Too Big Too Fail Banking sector is just another branch of this problem of finding solutions to fixing the Income inequality debate . So volleying back and forth Tax revenues and spending cuts between these entities , calling it the 99 % or the 1 % , and Government trying to Position themselves in the middle of this is a reason for a idea that I heard on Morning Joe a few weeks ago , What do you think about this as a way to create some competition with the To Big To Fail Wall Street Banking sector thats to afraid to loan to the private sector because of Dodd Frank Reforms ?

    It might be a Great way to consider the Creation of a State Public / Private banking system to effect the grass roots needs of the private economy at the State level . I don’t agree with what Bill Clinton says much , but what he says in this Video, , about the Public / Private banking Idea only I would make it a state by state ran system rather than a federal system , is worth considering as a way to recapitalize the states economies , and with some legislation that will allow repatriation of Off Shore Capital investors monies to come back into the USA and invest in these kinds of ways to invest and fund Public and private Infrastructure and other projects that the public and private sector society would be working to create and maintain our communities needs , the results I think would be more immediate rather than it getting bottle necked through a centralized Washington system that ideologies can stall and alter and rat hole the appropriations of the funding for these vital human needs projects .

    Dallas Fed President Fisher: Regulators Should Break Up Behemoth Banks . I would rather than break them up maybe look at the create of the state public / private banking system to compete with the To Big To Fail and Finance it with allowing the Off Shore Monies to be repatriated to this kind of project , what do you think ? I think Congress should take a look at this as a solution to the stalling out of the credit markets .

    If this is allowed to continue because these To Big To fail banking Gangs are Donating big campaign donations to the political arena then that means we have a Too Big To fail political gang , and that Threatens Liberty for We the People , don’t you think ?
    It seems as though the Federal Reserve Dallas President here in this article is a True Patriot , I hope we can find a majority in Washington that feel like the Dallas Fed President does , don’t you ?
    I mean we have to do something about this bank failure in the states .

  • peter

    Shift the growth engine of its economy to cleaaner and hi-tech sector? All about money and nothing about survival. Wrong road again. We need to focus on what we have damaged physically and do the necessary repairs, not concentrate on how much money we can make. When will we ever wake up? Seems that will never happen. Greed will consume us all and there is nothing we can do about that without stopping, taking stock and setting new goals which of course require some considerable changes in our moral code and ethics. Morality and ethics are words which somehow do not exist in our makeup any more, which means that we are now floundering in a morass of insecurity, hopelessness and futility simply because we refuse to change from our wicked ways. “If those who are called by my name will humble themmselves and pray and turn from their wicked ways………..remember!!!!!!!!!!!!” God bless!


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