China Urges Action on Toxic Debt

From Wall Street Journal:

Chinese financial officials called on the U.S. and other developed nations to do more to rein in protectionism and deal with toxic assets in their systems, reflecting the nation's increasingly assertive stance in global economic affairs.

Liu Mingkang, chairman of the China Banking Regulatory Commission, said Friday that measures taken so far to support its financial sector have helped ease panic in the markets, but they are "not enough."

He expressed caution about signs of improving economic activity in China, and said the foundation of a real global recovery would be laid only when the U.S. takes more-aggressive measures to deal with its banking system.

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