China financials in the news again

Really curious -- I posted earlier today about their internal debt bubble. Basically, their government is stuck on stupid and spending a lot of money on internal stimulus projects. Now it seems that the high levels of government want to export this strategy. From CNBC:

China Sounds Alarm on Global Economy at APEC Summit
China sounded the alarm about the state of the global economy on Saturday and urged countries gathering at an Asia-Pacific summit to protect themselves by forging deeper regional economic ties.

Chinese President Hu Jintao said his country would play a role in helping deepen cooperation between the 21 members of the Asia-Pacific Economic Cooperation (APEC) by rebalancing its economy to improve the chances of a global economic recovery.

Russian President Vladimir Putin had also expressed concern about the world economy on Friday, and particularly about Europe's debt crisis, as he prepared to host the annual APEC summit in the Pacific port city of Vladivostok.

"The world economy today is recovering slowly, and there are still some destabilising factors and uncertainties. The underlying impact of the international financial crisis is far from over," Hu told businessmen in a speech before the summit.

More:

Hu also announced a $157 billion government spending drive to boost infrastructure in agriculture, energy, railways and roads as well as pledging his country's support for greater trade liberalization.

"We should improve and explore new mechanisms for infrastructure investment and financing, and encourage participation in infrastructure development by various actors," he said.

$157 billion is peanuts to Obama's $5 Trillion spending in four years (and remember, one Billion is one thousand Million and one Trillion is one thousand Billion -- that is a lot of simoleons regardless of how you cut it) I thought the last four years were "interesting" -- now we are staring at this. A bit more:

Russia sees the weekend summit as a chance to make a pivotal shift away from Europe, increasing political and economic links with countries in Asia that are showing relatively strong economic growth as Europe struggles with its debt crisis.

But Oceania Has Always Been at War With Eastasia. Twenty eight years late but stunningly on target.