China slams Western financial institutions
By Mike Caggese
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< morning Money / strong>
Chinaâ?? $ 200,000,000,000 s SWF, China Investment Corp (CIC), doesnâ?? Do not open the portfolio for foreign companies and financial banks in the near future.
always conscious of losing $ 6 billion of the CIC has invested $ 8 billion in Morgan Stanley (MS) and Blackstone last year, not Chairman Lou Jiwei only flatly rejected the idea of government?? s money in banks outside their homeland, but he did quote a lot of fear.
“E n? ™ t dare to invest in financial institutions today,” Lou said today (Wednesday) at a conference in Hong Kong, Bloomberg said. “The policies of developed countries these institutions are not clear. Until we are clear, I na? ™ t dare to invest in them. What if they bankrupt?’m going to lose it all. “
Loua time?? Comments must be intentional, that public officials are about to enter its fifth round of economic dialogue focuses on the continuation of U.S. Treasury Secretary Henry Paulson. And wasnâ?? T is the only important person in China, who sacked the health of the U.S. economy, which officially went into recession earlier this week.
“U.S. consumption, to be frank about it, is burned, and when the bubble of consumption is thatâ? ?? The major problem for this region, “said Stephen Roach, chairman of Morgan Stanley Asia Ltd., the same conference. “No country in this region that is not a slowdown or a recession at this time because the world FOR?? In the end market for their exports is in serious trouble.”
Cana?? I think Roach aid is in the fact that Morgan Stanley was one of the CICA?? largest investment s to lose, and that China has followed the United Statesâ?? unit last month to announce an economic stimulus of $ 582,000,000,000.
this stimulus money largely in infrastructure projects – housing, energy and water projects, airports, emergency operations and clues. [Ed:
Ironically, these projects will be the United Statesâ?? incentive plan that comes, when President-elect Barack Obama takes office in January.
little exposure to mortgage-backed assets responsible for the collapse of the world FOR?? The financial system, and billions being poured into infrastructure, China could emerge well ahead of the West, where the global economy finally rebounds.
But even with $ 1. 6 billion of foreign reserves, China still lacks the firepower to save the world. Save t
“said China Cana?? The world,” Xinhua Lou. “It can not be saved.”
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