China not to blame for crisis: Experts

The global credit bubble started with US policies rather than the savings of China and oil exporters, a leading World Bank economist said.

"The global credit bubble started with US policies," David Dollar, World Bank's country director for China, said in an exclusive interview with China Daily yesterday.

The Financial Times on Jan 2 cited US Treasury Secretary Hank Paulson as saying, "In the years leading up to the crisis, super-abundant savings from fast-growing emerging nations such as China and oil exporters ... put downward pressure on yields and risk spread everywhere."