Denial as the storm gathered

By Henry C K Liu

China's response to the current global financial crisis is predicated on the reality of the international situation and the separate responses of other major economies around the world.

It took more than a year for US President George W Bush, in whose country the decades-long credit joyride finally imploded in August 2007, to belatedly acknowledge that the financial crisis resulting from decades of US monetary indulgence and fiscal irresponsibility is not merely a passing shower needed to deflate the latest debt bubble in the housing sector of the US economy.