“Mr Cheng said the root cause of global imbalances is spending patterns in US (and UK) and China.
“’The US spends tomorrow's money today,’ he said. ‘We Chinese spend today's money tomorrow. That's why we have this financial crisis.’
“Yet the consequences are not symmetric.
“’He who goes borrowing, goes sorrowing,’ said Mr. Cheng.
“It was a quote from US founding father Benjamin Franklin.”
Tuesday, September 08, 2009
What We Can Learn From China
Former vice-chairman of the Standing Committee and now head of China's green energy drive Cheng Siwei on Ben Franklin:
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