A summit of European and Asian leaders in Beijing is being dominated by the global financial meltdown je 24.10.2008 10

A summit of European and Asian leaders in Beijing is being dominated by the global financial meltdown. Opening the meeting - Chinese president Hu Jintao described the crisis as a severe shock for the world economy. He said the turmoil was also posing various challenges to the CHINESE economy, the fourth largest in the world. In the south for example factories that have relied on exporting to the United States and other rich countries hit by the credit crunch have had to lay off workers. China is subsequently showing a willingness to take part in an coordinated international response to the crisis. Despite the difficulties however, the Chinese president stressed that the fundamentals of the Chinese economy had not changed. One factor that has cushioned china is its control over the banking system.