Why the West can’t bank on China this time round
In 2009, China was instrumental in stabilising the global economy after the Lehman-induced financial meltdown. Don’t expect similar largesse from the world’s newest economic superpower if the major developed nations suffer a double-dip
The global financial system is in a state of flux. Eurozone economies are still struggling to keep a lid on their sovereign debt crisis, with Italian government bond yields having exceeded 7%. At the same time, politicians in the US and Japan appear unable or are too distracted to make any meaningful cuts to their countries’ bulging debt levels. The last time the world economy looked so strained was after the collapse of Lehman Brothers in late 2008.
Back then, China played a pivotal role in
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