As one reads what the Chinese economic elites are saying about the rest of the world's economies, one begins to wonder why they don't start blogging. The snark level is rising fast.
Consider China Investment Corporation head Lou Jiwei:
Lou Jiwei, head of China Investment Corp, said he was pleased he did not make a single trip to Europe in 2008 after EU officials expressed concerns about his fund’s transparency and intentions.
But speaking at the Boao Forum for Asia, China’s riposte to the annual World Economic Forum meeting in Davos, he said he was considering investing on the continent again, now that European officials have been humbled by the global financial crisis. “I have to thank these European officials,” Mr Lou said. “They saved me a lot of money. Now they come to me without conditions and I am beginning to consider making investments in Europe again.”
Mr Lou did not mention CIC’s experience in the US, where the fund made controversial – and costly – investments in Blackstone, the private equity group, and Morgan Stanley on the eve of the crisis.
Actually, Lou could probably retort that since CIC held a lot of their overseas assets in liquid dollar investments, they did surprisingly well in the past year.
To the wise investors, go the snark.
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