Logic of blaming China for US crisis is bizarre

The ongoing global financial crisis, triggered by the bursting of the property bubble in the United States, has severely hit the world economy over the past year. No country, including fast-growing China, has been immune to the financial woes.

Global efforts are being mobilized to tackle the unprecedented financial tsunami. But former US treasury secretary Henry Paulson recently blamed China and other countries for causing an imbalance in the global economy and pushing the crisis with their high bank deposits. Federal Reserve Chairman Ben Bernanke even claimed that such a high savings rate in foreign countries, in China in particular, had induced the bubble in the US real estate industry to bulge.

Such groundless criticisms from high-ranking US officials are extremely detrimental to the current worldwide battle against the crisis. They not only run counter to the simple economic principles, but have also confounded the relations between the victim and wrongdoer. These remarks also exhibit the obvious intention of the top US financial authorities to shirk their responsibilities for poor financial performances and shift domestic dissatisfactions to other countries.