China's high savings not to blame for global crisis

(Xinhua)
Updated: 2009-01-07 22:20

The urgent task for the United States, the world's biggest and most important economy, is not to shirk its responsibilities, but find solutions for the crisis and realize balanced economic growth.

To achieve these goals, it should accelerate domestic adjustment, reasonably enhance the level of saving, reduce trade and financial deficit and properly deal with the relationship between risks and profits as well as regulation and innovation.

In recent years, the International Monetary Fund has issued warnings on the imbalance of the global economy and the Group of Seven industrialized nations have often stated they are concerned over the imbalance, but the statements were not followed by any action.

The financial crisis has not yet hit its bottom and its impacts on the real economy are deepening. The international community needs to act together to curb the spread of the crisis and major economies should shoulder their responsibility by adopting proper economic policies and stabilizing their own and international financial markets instead of looking for someone outside to blame.

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