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 |  Subject: Idiot: Chinese premier: Greedy bosses on huge salaries to blame for financial crisis  Wed Feb 04, 2009 3:37 am | |
| China’s Prime Minister launched an excoriating attack yesterday on “greedy” executives receiving “astronomical” salaries who should take the blame for the global recession.
On the second day of his visit to Britain, amid organised protests and five arrests, Wen Jiabao said that one of the most profound lessons from the “American financial crisis” was the need to recognise the danger of relaxing the supervision of the financial industry.
“It is too late when the crisis arrives,” he told staff at the Bank of China, according to Chinese state media reports. “There should be financial supervision ahead of problems.”
The Chinese Prime Minister is on an extended European visit, his first in five years, with destinations including Madrid, Berlin and Brussels as well as the World Economic Forum in Davos. He wants to reach out to international allies during the downturn, partly to fight new threats by the US to report China to the World Trade Organisation for currency manipulation.
Mr Wen said last night that President Hu Jintao had spoken to President Obama the day before yesterday after Tim Geithner, the US Treasury Secretary, made the currency claims.
Mr Hu and Mr Obama had agreed to work together on common problems, Mr Wen said, but in a reference to protectionist sentiment in the American Congress he added that there were “different voices” in the US.
Speaking to the Financial Times, Mr Wen also dismissed as “ridiculous” suggestions that China’s vast pool of domestic savings has been in some way responsible for the worldwide crisis.
Yesterday about 100 protesters gathered in heavy snowfall outside the Natural History Museum in West London, where Mr Wen gave a speech.
Stephanie Brigden, director of the Free Tibet campaign, said: “We’re here because the situation hasn’t improved since last March. There is a massive military build-up in Tibet, there are snipers on the roofs and our worry is why the military is there. We want Gordon Brown to get Wen’s guarantee that the military is not there to be used against civilians as it was last year.”
Earlier, the Chinese Embassy had become the focus for protesters, with Free Tibet activists leaping over security barriers, resulting in the five arrests.
Firecrackers let off by embassy staff as the Prime Minister pulled up created confusion as smoke filled the street. Dignitaries used the opportunity to scuttle from the motorcade and into the embassy. Five pro-
Tibetan demonstrators were arrested when they tried to take the Free Tibet flag to the doors of the embassy.
Ugyan Norbu, a Tibetan who lives in Britain, said: “For too long the British Government has appeased the Chinese Government. The British Government is in the best position to negotiate with the Chinese on Tibet.
“I know the British people won’t let us down but the British Government are still appeasing the Chinese.”
Mr Wen will meet Gordon Brown today to discuss the economy in the run-up to the G20 summit with Mr Obama in April. The Chinese Government announced in November a four trillion yuan (£414 billion) public spending package to get the country out of the slump. The two leaders
are also thought to agree on the need to combat protectionism and to strengthen trade links.
In Davos on Wednesday Mr Wen blamed China’s economic woes on US-led Western financial institutions, criticising “a lack of self-discipline” and “blind pursuit of profit”. This was seen as chiming with Mr Brown’s call for overhaul of global financial institutions.
Mr Wen also met David Cameron, the Conservative leader, yesterday.
In addition to the economy, Mr Cameron raised the issue of Tibet.
http://business.timesonline.co.uk/tol/business/economics/article5636572.ece |
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