CHINESE ATTITUDES
March 31, 2009
I was lucky enough to be able to join Jim Murphy at some of his meetings with his counterparts in the Chinese central government. These meetings were private but, putting some of the discussion together with what I learned from business contacts, my personal take on Chinese attitudes to what is going on in the world of financial services would be as follows:
- the best thing China can do to support the world economy is to ensure its own economy continues to grow;
- protectionism is to be resisted. Recent events make Chinese policy makers more cautious, but the overall opening up of trade and the economy must and will proceed;
- safety comes first in any investment of Chinese government assets;
- China needs a bigger say in the IMF and other international financial institutions.
No surprises there, obviously. And, talking to ordinary people in the conversations that naturally spring up in bars and restaurants, the received wisdom seems to be that China's economy is now doing better than those of western countries. No surprise there, either.
Owen
