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With the U.S. financial system still reeling and recession looming on Europe’s doorstep, the world is looking to China as a calm port in the storm. But China h
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With the U.S. financial system still reeling and recession looming on Europe’s doorstep, the world is looking to China as a calm port in the storm. But China has its own set of woes as clouds gather over its economy as a result of the domino effect from the overseas economic downturn and lingering inflationary fears. On October 26, Zhou Xiaochuan, Governor of the People’s Bank of China, delivered a report on the country’s current economic situation and the safeguards that the government has put in place to fend off economic risks. Excerpts follow.
With the US financial system still reeling and recession looming on Europe’s doorstep, the world is looking to China as a calm port in the storm. But China has its own set of woes as clouds gather over its economy as a result of the domino effect from the overseas economic downturn and lingering inflationary fears. On October 26, Zhou Xiaochuan, Governor of the People’s Bank of China, delivered a report on the country’s current economic situation and the safeguards that the government has put in place to fend off economic risks. Excerpts follow
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