An opportunity for China in the US distress

The Wall Street fire-sale has prompted China economic pundits to call on Beijing to avail of the opportunity to acquire stakes in United States financial institutions and further its influence on global financial power, Inter Press Service (IPS) correspondent Antoaneta Bezlova reports from Beijing.

From Mexico to South Africa, investors and strategists are calling on Beijing mandarins to step into the limelight and help determine the new set of financial rules to emerge after the 2008 Wall Street crisis.

"China cannot easily afford to pass up such an opportunity," says Chen Jie, professor of economics at Shanghai Fudan University. "We have been anxiously trying to find investment opportunities for our financial capital but before the crisis there existed a myriad of visible and invisible barriers for Chinese investment overseas, particularly in the United States.’’

The full report can be seen at the Countercurrents.org site