China's Wen JiaBao warns of double dip recession from West's 'twists + turns' (interesting times!)

China’s premier Wen Jiabao says the world could still fall into a double-dip recession and is warning against complacency. At his annual press conference, China’s number two leader has warned that the world has not yet escaped the clutches of the global financial crisis. Mr Wen said some of the major problems which caused the crisis have not been fully resolved. He said there is still a possibility of a double-dip global recession and many Chinese companies are being kept afloat by emergency stimulus measures. Given the possible danger ahead, Mr Wen indicated China was not ready to allow its currency to appreciate. He told the two-hour news conference that calls from the world’s big economies for China to lift the value of its currency were unhelpful and protectionist. “The road ahead is not smooth and may be full of twists and turns,” he said….. www.abc.net.au CHINA’S Premier, Wen Jiabao, has warned that the world risks sliding back into recession and says his country faces a difficult year trying to maintain economic growth and spur development. Mr Wen said yesterday China would not give in to foreign pressure to raise the value of its currency or withdraw stimulus measures put in place in late 2008 to pull the country out of the crisis. In a rare two-hour news conference at the end of China’s annual session of parliament, Mr Wen called for more reforms to the world’s financial system as China ponders policy choices aimed at fighting rising inflation while increasing …
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