09 Aug '11, 1pm

China urges 'concrete and responsible' actions on debt

China urges 'concrete and responsible' actions on debt

BEIJING: China's Premier Wen Jiabao on Tuesday called on "relevant nations" to take "concrete and responsible fiscal and monetary policies" to restore the confidence of global investors. Wen's remarks were the first to be made by the government of China, the largest foreign holder of US debt, since an unprecedented downgrade of the United States' credit rating last week. They came as stock markets around the world plunged to fresh lows in a massive sell-off driven by fears of a new global recession. China "demands that relevant nations take concrete and responsible fiscal and monetary policies to trim their fiscal deficits and resolve their debt problems... to maintain global investor confidence," Wen told a cabinet meeting. "China supports relevant parties' efforts to maintain financial stability and economic growth," he added, in comments published Tuesday on the governm...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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