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Japan bashing

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Apart from the unfortunate incident involving an official at the embassy in Paris, it has been China's week. As Premier Zhu Rongji remarked in a bemused manner, world leaders were queueing up for their 10 minutes with him in London.

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Nor were they stinting in their praise. British Prime Minister Tony Blair declared himself fascinated to be in the presence of a fellow moderniser while European Commission vice-president Sir Leon Brittan insisted the future of the world economy now depended more on China than any other country.

There is no doubt that Mr Zhu's pledge not to devalue the yuan, so sparing Southeast Asia's battered economies from a further blow that would have global consequences, has made Beijing the hero of the moment.

Mr Zhu has certainly been milking China's self-sacrifice for all it was worth, highlighting falling growth figures that would normally have been kept quiet, in order to draw attention to the economic price Beijing was paying as a result.

The contrast with Japan could hardly be greater. While Beijing was being hailed as the saviour of much of the world's economy, Tokyo was being portrayed as the villain that may trigger a global recession, after Moody's cut the country's debt rating and Sony chairman Nohio Ohga warned the economy was on the brink of collapse.

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The same world leaders who lined up to acclaim China were publicly lambasting Japanese Premier Ryutaro Hashimoto for his inaction, with US President Bill Clinton issuing a blunt warning that it was high time his government changed course.

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