Wednesday, June 17, 2009

The Debts of the Lenders: Chinese Trade War?

I am reminded of the 1930s. . . .

‘Buy China’ policy set to raise tensions

By Jamil Anderlini in Beijing

Published: June 16 2009 16:13 | Last updated: June 16 2009 16:13

China has introduced an explicit “Buy Chinese” policy as part of its economic stimulus programme in a move that will amplify tensions with trade partners and increase the likelihood of protectionism around the world.

In an edict released jointly by nine government departments, Beijing said government procurement must use only Chinese products or services unless they were not available within the country or could not be bought on reasonable commercial or legal terms.

The government also said it was launching an investigation in response to complaints from domestic industry associations which accuse local governments of favouring foreign suppliers in procurement related to the country’s Rmb4,000bn ($585bn, €421bn, £356bn) economic stimulus package.
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