In the darkest moments of the financial crisis in 2008, former Chinese Premier Wen Jiabao lectured a group of U.S. government officials and business executives in New York.
“In the face of economic difficulties,” he said, “confidence is more precious than gold.”The Chinese economy then was teetering.
Today it’s sputtering, facing the dimmest prospects in decades, and China’s leaders are learning the hard way exactly what Mr. Wen meant.
Beijing unveiled a 31-point set of guidelines on Wednesday to bolster the confidence of the private sector.
But in private, others I interviewed dismissed the party’s pep talk in words that can be best translated as, “Save it for the suckers.”
Persons:
Wen Jiabao, ”, Wen
Organizations:
“, Communist Party
Locations:
New York, Beijing, Hong Kong