Wen Jiabao

Wen Jaibao’s official title was ‘Premier of the State Council of the People’s Republic of China, so was head of the Chinese state between 2003 and 2013. In this capacity, he was regarded as the leading figure behind Beijing’s economic policy.Over that period the Chinese government – under his leadership – supplied the US with an unprecedented amount of credit over the past eight years.

Although not the cause, cheap credit was one of the main feeders for the financial crisis, and China is now the US government’s largest creditor, holding an estimated $1.7 trillion in dollar-denominated debt. That massive build-up in dollar holdings is specifically linked to China’s efforts to control the value of its currency, as the country didn’t want the renminbi to rise too rapidly against the dollar, in part because a cheap currency keeps its export sector moving.

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