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Lin Yifu: It’s Inappropriate for China to Bottom-fish U.S. Market

Lin Yifu, deputy director and executive economist of World Bank, warns that “developing countries will see dramatic decrease in exports due to the recession in developed countries’ economy, and will face shortage of investment money.” He does not agree with the suggestion that China should utilize the foreign reserve to bottom fish the U.S. market. He believes it’s not the right time to send money to the United States at the moment. He says China should use the foreign currency to acquire resource, or help China’s products enter the world market, and acquire new technology. Lin had the above comments while he went back to China for a conference on October 26.

Source: Xinhua, October 27, 2008