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Caijing Reader 2009-03-03 22:44:36    post
Well, as a Hungarian I am experiencing the current events in my daily life. First of all, there is no Eastern Europe. These are very very different countries with very different economic situation. Hungary has not too much common with Ukraine or Kazakhstan. What is important for China that Central and Eastern European economies are export-oriented which makes them fragile in the current collapse of global demand. Differently from China, Central Europeans are small countries where the domestic demand is neglible. Some Central Europeans are seriously indebted (like Hungary), which was easily managed by foreign direct investment in the past decade. Not anymore, US is heading towards state collapse, the financing needs of the US treasury sucks in the free global capital. Lessons for China: (1) Balance your export oriented economy with local demand. (2) Don\'t get indebted. (3) Consider foreign direct invstment as a temporary bless, not a long-term factor. (4) Be careful with the opening up of your financial sector. (5) Smile when you read "respected" Western fiancial analyses. (6) Lesson to your common sense.
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