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Differences of opinion on strategy as crisis talks start
13 Mar 2009Japan and China today backed increased state spending to fight the global financial crisis as the split between the US and Europe over how to deal with recession widened.
Japanese finance minister Kaoru Yosano promised a new stimulus package by April and said: "The immediate issues are to stabilise the financial system and to get out of the present deflation threat facing the world economy."
Chinese Premier Wen Jiabao also said his government was ready to act. "We have reserved adequate ammunition," he said. "At any time we can introduce new stimulus."
Finance ministers and central bankers from the G20 nations were today meeting at a Sussex hotel to discuss tackling the crisis.
The UK and US want more stimulus measures but France and Germany insist they will not bow to demands to spend more, arguing instead for tighter regulation.
