A string of recent pronouncements from Beijing leaders capped off with a strong statement by Premier Wen Jiabao over his concerns for the value of China's $681.9 billion investment in U.S. Treasury bonds has highlighted a troubled Chinese leadership's outlook for 2009. Premier Wen's statement was received by analysts as a strong warning to Washington. It follows a revision in the $588 billion Chinese fiscal stimulus package (see Willy Lam's article in this issue) at the recently concluded National People's Congress (China's parliament) and the release of a joint communiqué at the close of the G-20 finance minister meeting by Brazil, India, Russia and China (BRIC). The timing of these pronouncements outlines the silhouette of China's nascent comprehensive economic strategy at home and abroad. Moreover, it is an outlay of the on-going heated debate within China over its roadmap for economic recovery and a test of Sino-U.S. relations, given China's massive $2 trillion foreign exchange reserves (China Daily, December 17, 2008).
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