By coincidence last weekend saw a long-planned Asian-European economic summit in Beijing, at a time when many world leaders were looking to China to play a key role in .

Thailand’s Premier even called for the Chinese Yuan to be the world’s new reserve currency.

Much mainstream expert comment, while not going that far, nonetheless agreed that China had a key role to play.

‘In many ways, US and European policymakers are doing the opposite of what they advised Asian policymakers to do in 1997-98: do not rescue failing banks, raise interest rates, balance your budget. Millions of Indonesians and Thais would have been better off if their governments had been permitted to do what western governments are doing now. An apology from the west to Asia would not be inappropriate’ said Kishore Mahbubani, Dean of Singapore University’s Lee Kuan Yew School of Public Policy.

In his view the Chinese and Indian contributions to the Beijing summit set an example of maturity and calm. Asian governments had lost confidence in western models of good governance. ‘Asian minds have never been captured by the strange ideological belief that markets know best and government should step aside.’

George Soros agreed that ‘the financial authorities of the developed countries are in charge and they will do whatever it takes to prevent the system from collapsing. They are, however, less concerned with the fate of countries at the periphery. ... The so-called Washington consensus imposed strict market discipline on other countries but the US was exempt from it’.

Countries with large foreign currency reserves, including China, should contribute to a special fund to assist peripheral and emerging economies. ‘The US must show the way in protecting the peripheral countries against a storm that has originated in the US, if it does not want to forfeit its claim to the leadership position’.

Gerard Lyons, chief economist and group head of global research at Standard Chartered Bank , agreed that a statement launched by the Trans National Institute and Focus on the Global South.

CHINA AND THE CRISIS

Although China is not itself directly caught up in the credit crunch its export industries are already suffering from the resulting recession along with the rest of the ‘Asian tiger’ economies.

From China to Africa the financial crisis is also labour unrest continues to mount. In response, local party bosses are said to be considering special measures to assist laid-off workers.

DARFUR KILLINGS

China condemned the killing of a shift in policy.

Earlier Liu Guijin, the special Chinese envoy on Darfur said he was continuing to work with Western powers to lessen the fallout from the war crimes charges filed against Sudan's President Omar al Bashir.

ELSEWHERE IN AFRICA

A joint venture company including China Railway Construction Corp was falsely labelled fake Nigerian textiles.

But in a new twist, as Zambia goes to the polls in its Presidential election both parties are putting out the welcome mat to Chinese investment - a change of heart for the previously anti-Chinese opposition leader Michael Sata.