Chinese also have jitters in economic crisis

Sometimes you get more insight from the questions than the answers. I was interviewed by on Nov. 17, the Monday following the US G-20 meeting.

The same list of questions were asked of myself and a Chinese economic expert, but in many ways, the questions are more revealing about how the Chinese perceive the unfolding economic crisis, than our attempts at answering them.

The questions are listed with the suggestion that you answer them as if you were speaking to the people of China following the G-20 conference.

  1. The G20 conference is going to be closely watched by the world’s policy makers and businesses. Obviously the most important topic will be about how to deal with the financial crisis. What’s your expectation about this G20 conference? What kind of progress may be achieved in this conference?
  2. Henry Paulson declared that the $700 billion bailout plan would be changed. Capital will be used in non-banking and consuming financial areas rather than as originally intended as a means to buy bad assets from banks and large financial agencies. Some people believe this is a significant change. What’s your opinion?
  3. At the European special summit on Nov. 7, leaders from the EU released a blueprint for global financial system reform. The core of this plan is to strengthen financial supervision. EU’s efforts have always been regarded as a challenge towards American financial hegemony and the current market system. What do you think?
  4. Right now it seems people in the U.S. are looking at Barack Obama to solve the financial crisis. What changes do you think he will make, and will they solve the crisis? 
  5. The G-20 was created as a response to both the financial crises of the late 1990s and to a growing recognition that key emerging-market countries were not adequately included in the core of global economic discussion and governance. Its membership includes new emerging economies such as the “Golden BRIC” (Brazil, Russia, India and China). What role will these new emerging economies play in the current financial crisis and then afterwards in the future of the global economy?
  6. How do you assess China’s effect in this crisis? What role should China play in the G-20 conference?
  7. Last weekend, the Chinese government announced 10 measures to expand domestic demand, which attracted extensive attention worldwide. What’s your comment?
  8. Is this crisis going to change the global financial system and structure? What role should China play in it? What will be China’s contribution to the process of rebuilding the global financial order?
  9. What effect will this financial crisis have on Chinese businesses? Is this a prudent time to invest overseas or should businesses be more cautious?
  10. What’s the most direct influence of this financial crisis on the daily lives of ordinary Chinese people? This crisis has caused the most serious challenge to the world economy in the last 80 years. How long do you expect it to continue?

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