Beijing tells spendthrift US to put its own house in order

From the Financial Times:

China’s growing economic influence is such that its central bank – an important buyer of US government debt – now feels confident enough to offer blunt advice to Washington and even criticism of American statecraft.

Li Ruogu, deputy governor of the People’s Bank of China (PBoC), said Washington was now blaming others for its ballooning trade deficit and unemployment problem. But American economic habits and not outsiders caused the ailments, he said before last weekend’s leadership summit of the Asia-Pacific Economic Co-operation forum in Chile,

“The savings rate in China is more than 40 per cent. In the US it is less than 2 per cent. So the problem is that they spend too much and save too little,” he said.

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