Kan suggests China be invited to G-8 summits

The G-8 is an aging club that is being phased out by the G-20. As such, China has no interest in joining a near defunct organization.

Unlike Japan and it's constant quest to join the UNSC, China has no interest in joining the US formed G-8.

So, Kan's suggestion is taken lightly.

I don't think China has any business there - nor should they be invited. They need to clean up the way they do business and the way they treat their population before they should be invited anywhere. Glad to see Kan knows he needs to suck up to China. None of the other PMs understood that.

Me guesses that in the future, whom ever is in power in Beijing will feel sorry for Japan and invite in the future to the G 20 or what ever future super powers come up with, now Japan is going down, down the drain! What a rotten economy and still every thing is way over priced!

In my opinion,the G8 should be disbanded as it really serves no purpose. The G20 should be expanded to include more developing countries so that there are more voices heard. Since the WB and IMB are run by US & EU, China, India and Brazil should also be involved. Many of the developing countries are losing more money than they should because of the US & EU policies.

tmarie,

I think the G-8 needs to clean up the way they do business, as one of the member nations was responsible for this whole mess that we are all in. Guess which one?

In addition, when you state that none of the other PMs understand (sucking up to China), certainly the leaders of the US, UK, Germany, France, and of course Japan would think otherwise.

And I quote (on behalf of Europe):

"China State Administration of Foreign Exchange , the agency which manages the nation's reserves, said Thursday media reports that it is considering selling some of it holdings of euro-bonds were "groundless", according to a statement published on it Website. SAFE also said it supports measures taken by the European Union and the International Monetary Fund to ensure financial stability within the euro zone and is confident markets will overcome the recent difficulties.

The statement appears to counter a Financial Times report Wednesday that said the agency was discussing plans to diversify some of its estimated $630 billion in euro-bonds that it holds as part of $2.4 trillion forex stockpile."

http://www.foxbusiness.com/story/china-plans-sell-euro-bonds-safe/

So, to sum things up, China loans ~$1 trillion to the US, and is the largest foreign holder of US debt in the world (who's your Daddy). In addition to this well known revelation, China loans to the European Union $630 billion and has them on financial life support as well (again, who's your Daddy).

Now, tmarie, what was that comment about the other G-8 PMs not understanding how to suck up to China, which you obviously made out of complete ignorance?

Always a pleasure.

Every country sucking up to the Chinese, but privately wishing they were weaker and more under their control.

alphawolf,

Precisely. So I guess the lesson learned here is that Europe and the US needs to get their houses in order, as China is offering tremendous financial life support to Europe and the United States. Perhaps the day will come when the G-8 nations, along with the rest of the EU, will be able to re-pay their huge debts to China. Let's hope that happens.

This might be the first time in history that a communist, '3rd world' country (China) is keeping much of the western, developed world (Europe and the United States) afloat, all at the same time.

Rather sad. The G-8 is a ridiculous shadow of it's former self.

Could be that Kan's wish has become true about China for I am to understand the G-8 has seemingly growen to another FOUR.

G-8 is finished. It used to be a club of rich, industrialized nations. Now, most of it's members are awash in debt and in need of cash from creditor nations such as China.

Perhaps Kan was thinking of this when asking to invite China to what is left of the G-8, knowing that China bankrolls most of it's members.

"Japan is going down, down the drain! What a rotten economy and still every thing is way over priced!"

I don't know. Japan seems ok. Things seem pretty cheap to me.

Suggesting that China be invited is a wonderful thing for Japan to do. Nuff said. That is a plus for Kan in my little scorebook, and he does not have many.

China to have an even larger sense of responsibility

Like what? Something not in my book!

This might be the first time in history that a communist, '3rd world' country (China) is keeping much of the western, developed world (Europe and the United States) afloat, all at the same time.

And China in turn is kept going by heavy international investment and unsustainable low cost labor. Eventually the Chinese are going to want their standard of living bumped up to reflect their economic success. The trend is already slipping. Several companies in the Detroit area have begun 'insourcing' since hitting the mark where the cost of shipping raw materials to China, processing them, and sending them back to the US is more expensive than having US workers make them. Apparently people in places like Michigan are ready and willing to work longer and harder at minimum wage or under the table. The US workforce is slowly learning that they have to lower their standards if they want to stay competitive. Now if we could just get rid of that minimum wage we could really get the ball rolling.

If Kan suggests China be invited to an economic summit, he should not sound as if sucking up to China but make it a point at issue that China's accumulation of huge foreign reserve while keeping its currency depreciated is contradicting and distorting its own economy which needs to be rectified. Despite its rapid economic growth, China has renminbi depreciated by one third in the last 30 years. It means that manipulation of RMB is bringing about its economic growth. Kan should raise an issue of it, but he is already past his freshness date and will hopefully be dumped by September. Nobody should take heed to this swindler.

Unlike Japan and it's constant quest to join the UNSC, China has no interest in joining the US formed G-8.

mushroomcloud, the G8 was molded by the French. What you're saying is like giving the Americans the credit for APEC-- not Australia and the Indonesians.

As for the so-called credits you used to belittle one poster-- let me say that if such attitude came from a Chinese officials, which I sorely doubt you aren't, it'll open up misgivings to nations receiving such credit.

You talk as if the eurobond offering is unique to the Chinese-- it's not-- and it has been offered for junk prices to Chinese officials expecting appreciation. (But you already know that I'm sure)

Which leads me to my questions: Would you be so confident of the Chinese investments on eurobond if say the euro started trading lower than the dollar next year, as some analysts have been pointing out? And what would you make of calls from analysts for the Yuan to trade more freely-- a move certain to elate investors' confidence? Will China be able to afford it?

These are all interrelated questions btw and not made out of ignorance =/

'let me say that if such attitude came from a Chinese officials, which I sorely doubt you aren't, it'll open up misgivings to nations receiving such credit.'

I guess Chinese officials are now acclimated to using language like 'Who's your Daddy'. LMAO!

'Which leads me to my questions: Would you be so confident of the Chinese investments on eurobond if say the euro started trading lower than the dollar next year, as some analysts have been pointing out? And what would you make of calls from analysts for the Yuan to trade more freely-- a move certain to elate investors' confidence? Will China be able to afford it?'

China is a currency manipulator and is devalued by 30-50% Happy?

Certainly, these are words coming from a Chicom official.

LMFAO!!!

China is a currency manipulator and is devalued by 30-50% Happy?

Is 30% more frequent than 50%? Without the unaccounted 20% what you're saying is hardly a breaking news. =/

Certainly, these are words coming from a Chicom official.

It puzzles me how someone can be so defensive over three simple questions. But at least keep it classy next time =/

jruaustralia,

The RMB is probably 50% devalued. Feel better? Further, all your other comments about China's purchase of Eurobonds, misgivings about Chinese officials, etc, are SPOT ON. Feel much, much better?

Hilarious.

The RMB is probably 50% devalued. Feel better? Further, all your other comments about China's purchase of Eurobonds, misgivings about Chinese officials, etc, are SPOT ON. Feel much, much better? Hilarious.

The RMB could be devalued, I don't know, but reading on the comments of GE Chief Immelt this week-- who cares! America still wants to do business with Beijing.

Let me say as well that 50% is rather ludicrous-- not that it wouldn't cause a firestorm if the announcement actually came from Beijing. It will, and it'll cause some head-scratching from the Chinese as well!? Especially after recent announcements by the Central Bank on RMB appreciation. What were they thinkin'?!

(The eurobond purchase is just a headliner.... but not unless you're a WSJ journalist there really is not much to chew about) :(

The misgiving part is implied towards you btw... I didn't know I had to be quite upfront as to actually tell you that that's the case =/

'The misgiving part is implied towards you btw... I didn't know I had to be quite upfront as to actually tell you that that's the case =/'

I know, trust me. :)