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View Diary: Study shows economy twice as bad as first reported (38 comments)

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  •  yup. (4+ / 0-)

    China's working to get out of dollars and into hard assets.

    China's outbound non-financial direct investment rose to $40.7 billion last year from just $143 million in 2002.

    Mr Wen did not elaborate on how much of the $2,132 billion of reserves would be channelled to Chinese enterprises but Mr Qu said this was part of a strategy to reduce its reliance on the US dollar as a reserve currency. "This is reserve diversification in a broader sense. Instead of accumulating foreign exchange reserves and short-term financial assets, the government wants the nation to accumulate more long-term corporate real assets."

    State-owned groups, particularly in the oil and natural resources sectors, have stepped up their hunt for overseas companies and assets on sale because of the global crisis.

    •  Wonder how much they'd pay us (2+ / 0-)
      Recommended by:
      bubbanomics, xaxado

      for our bases (32?) on Okinawa?

      "Dulled conscience, irresponsibility, and ruthless self-interest already reappear. Such symptoms of prosperity may become portents of disaster!" FDR - 1937

      by Marie on Fri Jul 31, 2009 at 12:56:24 PM PDT

      [ Parent ]

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