Monday, June 27, 2011

Enter the dragon 'to save the euro

By Malcolm Moore, in Shanghai, Peter Foster in Beijing and Andrew Cave in London

It is in the interest of cash-rich China to help resolve the eurozone debt crisis, but Chinese premier Wen Jiabao, who is visiting Britain and Continental Europe, will want a share of the West’s buying power in return .

As Wen Jiabao, the Chinese premier, stepped off his plane in Birmingham on Saturday, it was difficult to avoid the feeling that the UK, and Europe, have never looked weaker in Chinese eyes.

In private, senior Chinese diplomats are now openly scornful of Britain’s economic prospects and have even asked why Mr Wen should grace such a weak trading partner with three days of his time.

Indeed, it is telling that the first stop on Mr Wen’s tour is Longbridge, the old MG Rover car factory that passed into Chinese hands in 2005. Once a byword for poor productivity, wildcat strikes and trade union power in its British Leyland and Austin Rover days, the plant is now host to China’s biggest industrial presence in the UK. Owned by Shanghai Automobile Industry Corporation, the factory designs and assembles MG cars in the UK made from car parts manufactured in China.

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  1. The chinese don't give a damn about saving anyone so don't expect them to save the EU !
    The chinese economy has a myriad of problems at the moment (like everyone else) so they're in self-preservation mode. ie they know what's coming, so they're buying up everything everywhere to save their own butts when SHTF.
    Anything they DO do will be for the purpose of acquiring assets for their own benefit rather than an act of magnimosity...

  2. yeh ,but good old cash rich uncle Wen had a red carpet hero tour of bankrupt england, he looked like a smilingt santa claus the "red'to the UK beggars looking for a rescue.

    The old US coca cola bran colors version of santa claus poor Uncle Ben is now a has been ,in the financial red but still wearing old worn outthreabare rags, dollar paper .

    santas industrial workshops are now in China.


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