China’s premier says the world might face a “double dip” recession due to continued high unemployment and risks in financial systems.
Premier Wen Jiabao made the comments Sunday following the close of China’s annual legislative session. He cited high unemployment in some countries, risks in finance, government debt problems and instability in exchange rates and commodity prices.
Wen said: “All these may cause setbacks in the course of promoting recovery in the global economy and may even lead to a double dip.”
The premier says China’s improvement from the global downturn was still uncertain and many Chinese companies still depend on stimulus spending to stay afloat.
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China: World might face ‘double dip’ recession
AP
14 March 2010
China’s premier says the world might face a “double dip” recession due to continued high unemployment and risks in financial systems.
Premier Wen Jiabao made the comments Sunday following the close of China’s annual legislative session. He cited high unemployment in some countries, risks in finance, government debt problems and instability in exchange rates and commodity prices.
Wen said: “All these may cause setbacks in the course of promoting recovery in the global economy and may even lead to a double dip.”
The premier says China’s improvement from the global downturn was still uncertain and many Chinese companies still depend on stimulus spending to stay afloat.
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