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China warns debt woes threaten global recovery

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Chris Buckley and Yoko Nishikawa
Reuters
May 31, 2010

China warned on Monday that Europe’s struggle to contain ballooning debt posed a risk to global economic growth, raising the specter of a double-dip recession.

Premier Wen Jiabao, addressing business leaders during an official visit to Japan, issued his warnings a day after France admitted it will struggle to keep its top credit rating and days after a downgrade of Spain’s credit status again jolted financial markets.

Referring to the risk of a second dip in global economic growth rates, Wen said: “I believe that we can’t say with absolute certainty, so we must undertake close observation and act to prevent it.

“The world economy is stable and beginning to revive, but this revival is slow and there are many uncertainties and destabilizing factors,” he said, adding it was too early to wind down stimulus deployed during the 2007-2009 financial crisis.

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This article was posted: Monday, May 31, 2010 at 10:55 am





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