Bloomberg.com: China Urges U.S. to Counter Crisis, Prepares for ‘Worst Case’ - by Li Yanping and Dune Lawrence

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China Urges U.S. to Counter Crisis, Prepares for ‘Worst Case’ - by Li Yanping and Dune Lawrence

Chinese officials urged the U.S. to do everything possible to restore calm to financial markets and said they are preparing for a “worst-case scenario” as the global crisis deepens. The comments in Beijing today by Vice Premier Wang Qishan and central bank Governor Zhou Xiaochuan came as U.S. Treasury Secretary Henry Paulson praised China’s “responsible role” in combating the crisis. Zhou told U.S. officials that, while China remained confident of maintaining growth in the world’s fourth-biggest economy, it needed to prepare for the worst, central bank official Jin Qi said. “We hope that the U.S. can take all necessary measures to stabilize its financial markets and economy as soon as possible and ensure the safety of China’s assets and investments in the U.S.,” Wang said. “To work together to tackle the financial crisis is the most pressing task that we are facing.” Zhou urged the U.S. to increase savings, after excessive consumption and debt helped to trigger the crisis.