DECODING ZHOU XIAOCHUAN’S MESSAGE TO THE IMF
China Real Time Report, April 26, 2010
China’s central bank governor, Zhou Xiaochuan, spent the weekend in Washington, D.C., hobnobbing with other luminaries of the global economy at the spring meetings of the International Monetary Fund and World Bank. Along the way he delivered a statement to the IMF’s International Monetary and Financial Committee—aka the IMF’s IMFC —a gathering of leaders that oversees the fund’s work. The document doesn’t need translating from Chinese (there’s a PDF English version on the IMF Web site) but here we’ve interpreted some of the key sections from the language of global high finance into something more understandable. (And no, he didn’t say anything about China’s currency policy.)
Zhou said: Driven by the large-scale stimulus policies of various countries, the global economy is exhibiting positive recovery momentum, but there are pronounced differences in the speed and strength of the recovery in various countries and regions. The recovery is strong in emerging markets and developing countries, while in developed countries the recovery is relatively slow… At present, the primary risks to the global economy come from developed countries. Sovereign debt risk has become a major and real threat to global financial stability and economic recovery, and its potential systemic effects deserve a high degree of attention and concern.
In other words: We’re doing our part to help the global economy recover from the crisis, but the U.S. and Europe just keep causing more problems.
China Real Time Report, April 26, 2010
China’s central bank governor, Zhou Xiaochuan, spent the weekend in Washington, D.C., hobnobbing with other luminaries of the global economy at the spring meetings of the International Monetary Fund and World Bank. Along the way he delivered a statement to the IMF’s International Monetary and Financial Committee—aka the IMF’s IMFC —a gathering of leaders that oversees the fund’s work. The document doesn’t need translating from Chinese (there’s a PDF English version on the IMF Web site) but here we’ve interpreted some of the key sections from the language of global high finance into something more understandable. (And no, he didn’t say anything about China’s currency policy.)
Zhou said: Driven by the large-scale stimulus policies of various countries, the global economy is exhibiting positive recovery momentum, but there are pronounced differences in the speed and strength of the recovery in various countries and regions. The recovery is strong in emerging markets and developing countries, while in developed countries the recovery is relatively slow… At present, the primary risks to the global economy come from developed countries. Sovereign debt risk has become a major and real threat to global financial stability and economic recovery, and its potential systemic effects deserve a high degree of attention and concern.
In other words: We’re doing our part to help the global economy recover from the crisis, but the U.S. and Europe just keep causing more problems.
(...) [artículo aquí]
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