Jake's View | China did well to stay out of Tokyo and IMF
For the sake of retaining its world-leading foreign reserves, Beijing should keep well away from the Christine Lagarde school of economics
"Instead of front-end loading heavily, it is sometimes better, given the circumstances and the fact that many countries at the same time go through the same set of policies with the view of reducing their deficits - it is sometimes better to have a bit more time."
I can't fault Beijing for sending only juniors to the International Monetary Fund's big talk shop in Tokyo last week. The decision was taken for the wrong reason of course - a territorial dispute with Japan - but it was the right one nonetheless.
It was the right decision because China has by far the world's biggest foreign reserves and needs some practice at an early stage in telling the IMF to get lost when it comes pleading for that money, as it is sure to do with Christine Lagarde running the show.
She is now the world's principal adherent to the notion that the way to overcome financial difficulties is to go deeper in debt.
It's such an unusual idea that you would almost think there is profound economic understanding behind it, a mystery not imparted to lesser mortals like you and me.