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Posts Tagged ‘Hu Jintao’

Chinese President Hu Disses the Dollar; Says U.S. System is a ‘Product of the Past’

January 17, 2011 Comments off

Dec. 31, 2010: Chinese President Hu Jintao delivers a New Year's address in Beijing.

“The current international currency system is the product of the past,” Hu noted in answers to questions submitted to his foreign ministry office by The Wall Street Journal and the Washington Post.

BEIJING—Chinese President Hu Jintao emphasized the need for cooperation with the U.S. in areas from new energy to space ahead of his visit to Washington this week, but he called the present U.S. dollar-dominated currency system a “product of the past” and highlighted moves to turn the yuan into a global currency.

“We both stand to gain from a sound China-U.S. relationship, and lose from confrontation,” Hu said in written answers to questions from The Wall Street Journal and the Washington Post.

Hu acknowledged “some differences and sensitive issues between us,” but his tone was generally compromising, and he avoided specific mention of some of the controversial issues that have dogged relations with the U.S. over the past year or so—including U.S. arms sales to Taiwan that led to a freeze in military relations between the world’s sole superpower and its rising Asian rival. Read more…

South Africa: Another BRIC in China’s Wall

January 4, 2011 Comments off
China's President Hu Jintao has sent an invitation to South African President Jacob Zuma to attend the third BRICs leaders' summit to be held in China. Picture: Zuma (center) celebrates the 25th anniversary of the Congress of South African Trade Unions (COSATU) on December 4, 2010 in Johannesburg. (File Photo/CFP)China’s President Hu Jintao has sent an invitation to South African President Jacob Zuma to attend the third BRICs leaders’ summit to be held in China. Picture: Zuma (center) celebrates the 25th anniversary of the Congress of South African Trade Unions (COSATU) on December 4, 2010 in Johannesburg. (File Photo/CFP)

 

At China’s invitation, South Africa is set to join the Brazil, Russia, India and China (BRIC) group of emerging nations and will attend the first summit of the leading emerging economies in April this year. The group will thus be renamed the “BRICS,” but doubts remain over the suitability of the African nation to join the exclusive club of the fast-growing economies.

Lauding the Chinese decision to invite her country to the BRIC bloc, South Africa’s Cooperation Minister Maite Nkoana-Mashabane said the invitation was conveyed to her by China’s Foreign Minister Yang Jiechi. She said Chinese President Hu Jintao also sent an invitation to President Jacob Zuma to attend the third BRIC leaders’ summit to be held in China. Read more…