Friday, September 25, 2009

Chinese Correspondent Covers G20 Issues

Lucas Zai is a correspondent for the Jiefang Daily newspaper in Shanghai. He will be focusing on economic and financial developments at this G20 summit. Although Chinese exports have declined in the current economic downturn, he says there's confidence the crisis will be overcome and GDP growth will reach 8% this year.

Although Chinese leaders deny their high exports and low consumption created the crisis, Zai says the government does encourage its citizens to spend more. But without enough insurance in case of illness, Zai says people think they have to save.

Noting that high U.S. tariffs on Chinese tires will go into effect tomorrow, Zai says he's heard American paper companies will now sue Chinese companies for dumping goods. He thinks protectionism is not a good idea in the midst of an economic downturn.

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