“China doesn’t want to be viewed as a replacement for the States”?

By Fiorella Bafundo

As the American crisis is having repercussions all around the world, many economists claim that the continue growth of China is needed to counteract the downturns of the United States and European countries. However, China is also experimenting some problems with its exports to Western countries and has started to implement new economic strategies to increase its domestic demand in a country where the levels of saving are very high.
Nowadays it is said that it is focused on protect its own economy and a lot of economists agree and are worried about its problems because there are many countries (including the “superpower” United States)that depend on it. American concern is focused especially on whether China will re-examine the mechanism of financing American debt, and in response to this Hu Angang, a Chinese economist, said “China, with the responsibility of a big country, will not make trouble for international financial markets”, “The Chinese government is very rational and flexible, and very clearly recognizes any policy does not just influence domestic markets but also global markets”.
No one is certain about what will happen, but a lot of experts agree that a change in the economic structure will happen and the position of China will be a key component on this change. “China doesn’t want to be viewed as a replacement for the States”,”We are still a developing country”, said a Chinese scholar.