Editor's Note: Yao Yang is Director of the China Center for Economic Research at Peking University. For more, visit Project Syndicate or follow it on Facebook and Twitter.
By Yao Yang, Project Syndicate
BEIJING – Will China help to rescue the euro, or not? In August, Premier Wen Jiabao said that China was ready to assist Europe in its hour of need. But, in December, at the Lanting Forum in Beijing, Deputy Foreign Minister Fu Ying declared that China could not. “The argument that China should rescue Europe does not stand, as reserves are not managed that way,” she announced.
For months, European leaders and International Monetary Fund officials have been hoping that China would lend a hand to save the euro. But Wen proposed certain conditions, including the European Union’s recognition of China as a market economy. Europe’s leaders, however, have not agreed to this or any other of Wen’s conditions. Hence, Fu’s insistence that China can do nothing to help. FULL POST
Editor's Note:Yao Yang is Director of the China Center for Economic Research at Peking University. For more, visit Project Syndicate or follow it on Facebook and Twitter.
BEIJING – Even in the best of times, it is difficult for China’s small and medium-size enterprises to get bank loans. But with the current regimen of credit austerity, imposed to contain economic overheating and inflationary pressure, making conditions for SMEs worse, the financial sector – the least reformed sector in China – now is suffocating the beating heart of the country’s economic dynamism. FULL POST
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