G7 praises China
China has become a model for Western leading developed economies. The Group of Seven countries (Canada, France, Germany, Italy, Japan, the U.K. and the U.S.) said today they are committed to avoiding protectionist measures, and will also try to ensure that the actions they take to combat the recession don't harm other economies. The G-7 has also prased China, welcoming its contributions to combating the global economic slowdown:
We also welcome and appreciate the prompt macroeconomic response from others throughout the world," the statement said. "In particular, we welcome China's fiscal measures and continued commitment to move to a more flexible exchange rate, which should lead to a continued appreciation of the Renminbi in effective terms and help promote more balanced growth in China and in the world economy. [The Wall Street Journal]