Share

China slams US, Europe on debt

Beijing - China has accused Western nations on Monday of putting the global economic recovery at risk by "ignoring their responsibility", in an editorial published two days after an unprecedented US credit rating downgrade.

The criticism in the People's Daily - the mouthpiece of China's Communist Party - was the latest in a series of harshly-worded articles in state media about the US and European debt crises.

"If developed countries including the US and European Union don't take responsibility, it will impair the stable development of the global economy severely," the newspaper said.

"Only if Western nations stop ignoring their responsibility and use a sharp blade of determination and courage to cut through the ropes binding their policies and strengthen coordination with developing countries will the global economy have hope of a stable recovery."

The article appeared under the name Zhong Sheng, which means "voice of China", and is often tagged to editorials in the People's Daily.

Fix problems

China, the largest holder of US debt with about $3.2 trillion in dollar reserves at the end of June, has not yet given an official government response to Standard & Poor's decision to downgrade the US.

The ratings agency docked the United States from a top-flight AAA to an AA+ rating late on Friday, largely because of the failure of bitterly divided US leaders to reach a consensus on containing the country's spiralling debt.

However, the harsh criticisms in Chinese media are a significant indicator of the government's strength of feeling about the US debt crisis.

Earlier on Monday, China's official Xinhua news agency urged Washington's Democrats and Republicans to stop blaming each other over the downgrade and find solutions.

"Disappointingly, instead of reflecting on themselves and sitting down to fix problems in a cooperated way, the Democrats and Republicans... are questioning the creditability of the downgrade ruling and blaming each other for the ever-first shame of slipping out (of the) top-credit rating club," Xinhua said.

"It is time for the policymakers in Washington to settle down, to show some sense of responsibility and fix their fiscal problems."

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.99
+0.2%
Rand - Pound
23.76
+0.2%
Rand - Euro
20.38
+0.1%
Rand - Aus dollar
12.42
-0.1%
Rand - Yen
0.12
+0.7%
Platinum
924.80
-0.1%
Palladium
984.00
-0.7%
Gold
2,350.40
+0.8%
Silver
27.66
+0.8%
Brent-ruolie
89.01
+1.1%
Top 40
69,048
+0.9%
All Share
74,973
+0.9%
Resource 10
62,935
+1.3%
Industrial 25
103,543
+1.0%
Financial 15
15,852
+0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders