Chinese Finance Chief Says European Welfare States Induce 'Sloth, Indolence'Al JazeeraNov. 08, 2011 |
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Video gets great at 12:00 - Chris "If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society. I think the labour laws are outdated. The labour laws induce sloth, indolence, rather than hardworking. The incentive system, is totally out of whack.As the global financial crisis continues to hit the eurozone, Nicolas Sarkozy, the French president, and other European leaders have been banking on China to step in and wave its magic wand. But is China prepared to bail out Europe? Al Jazeera's Teymoor Nabili talks to Jin Liqun, the supervising chairman of China Investment Corporation, China's sovereign wealth fund, to find out whether China is willing to invest more money in Europe, in particular in the European Financial Stability Fund (IFSF), which European leaders now want to beef up for future bailouts. Jin, who has served as China's deputy minister of finance and vice president of the Asian Development Bank, manages $400bn worth of the nation's money through the sovereign wealth fund. He says that unless Europe changes its labour laws and adjusts its welfare system, he does not consider it to be a profitable investment. |