HONG KONG — As much of the world continues to move toward a recession that many fear will be deep and prolonged, eyes increasingly are turning to China in the hope it can somehow help the rest of the world in its moment of need. Thus The Economist reported "China Moves to Center Stage," and Time magazine asked, "Can Chinese Cash Save the World's Banks?"
Late last month, leaders from 43 countries in Asia and Europe met in Beijing to discuss the worst economic meltdown since the 1930s. Even before the meeting, Jose Manuel Barroso, the president of the European Commission, called for cooperation from China, India and Japan to help avert a global recession.
"I very much hope that China can make an important contribution to the solution to the financial crisis," he said. "It's a great opportunity for China to show a sense of responsibility."