Wednesday, June 18, 2008

China rebukes US for economic ills

In a new twist, Chinese officials who have been getting an earful from Americans on how to run their economy are now openly rebuking the United States for the world's economic ills -- and even dispensing some advice.

From the plummeting US dollar to the American housing market crisis, which have wreaked havoc across the globe, Beijing has been hinting mismanagement on the part of Washington and cautioning about the dangers of keeping markets too open.

The self-confidence of the Chinese, riding on the crest of rapid economic growth on the back of 1.7 trillion dollars in foreign reserves, was highly evident at the bilateral cabinet-level talks that began in Annapolis, Maryland, east of Washington on Tuesday.

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