China will not be bullied by anyone, certainly not
by a bunch of western politicians and central
bankers. The Group of Twenty Finance Minister and Heads of central banks met
in China at the weekend. The International Herald Tribune reports:
“The Bush administration on Sunday promoted a
sweeping plan to overhaul China’s financial markets and open the country to foreign banks, investment firms and insurance

“Chinese officials offered virtually no public reaction on
the US agenda. In a brief news conference at
the end of a meeting of finance ministers from 20 nations, Finance Minister
Jin Renqing took a handful of innocuous questions
from Chinese reporters and then called an end to
the proceedings.

The Australian Financial Review sees the
big news differently: “Australia has taken a leading role in the reform of the International Monetary Fund and the
World Bank, with Treasurer Peter Costello pushing
through a road map for change at the annual meeting of the G20 finance ministers and central bankers in Xianghe, China,

Members of the G20 yesterday warned at the end of a
two-day meeting that the risks for the global
economy were on the downside. High oil prices are a major destabilising
factor, but bird flu and overvalued asset markets
in the western nations, especially the USA, are also on the worry

Read more here.

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Peter Fray
Peter Fray
Editor-in-chief of Crikey
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