China finds itself under increasing pressure to help save the world economy. EU chief Jose Manuel Barroso wants Beijing and other major Asian economies to join the financial rescue mission.
German Chancellor Angela Merkel is also in Beijing and like Barroso is pressing China’s President Hu Jintao to play his part. More than 40 Asian and European heads, including Italy’s Silvio Berlusconi, will hold talks starting tomorrow to seek ways of reshaping the financial system.
And, Barroso said it was up to all countries to take responsibility for the current crisis. “The eye of the storm was in the United States, but it is a global storm and there will be a ripple effect all over the world. We need a coordinated response globally, that will be my main message to Asian leaders today and tomorrow,’‘ said the EU Commission President.
The workshop of the world, China’s economy is massively dependent on exports. However, large numbers of Chinese factories have already started reporting a sharp downturn in orders from abroad. China, along with other emerging economies, is set to take part in the US financial summit next month.