China's economy and the crisis

China is dead set on catching up with the Western industrial nations, even if that means endangering the global economy, writes the Sunday paper Vasárnapi Hírek: "In reviewing the reasons that led up to the outbreak of the global economic crisis, we must stress the trade balance between the US and China. Here above all China's gigantic trade surplus is striking. ... This imbalance has resulted in a series of financial policy aberrations, and done much to increase the indebtedness of the United States. The Chinese have ... taken to heart the well-tried position according to which on the one hand fiscal discipline, and on the other an artificially devalued currency are necessary to quickly catch up with the Western industrial nations."

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