With an estimated $2 trillion worth of foreign currency reserves and China's growing global status, one wonders whether or not this developing, Communist-led state will one day become a major saviour of the Western banking system. While the Chinese Communist Party is aware of China's potential to take more of the limelight on the global stage, it is also realistic about domestic concerns at home, including reconstruction owing to natural disasters, monitoring quality controls of China's products and preventing its own economic slowdown. Despite the fact that China has been buying up U.S. government debt, which has allowed the U.S. to spend beyond its means, the central government will continue to be cautious and only do its part to help stabilize world financial markets. One should look for developments of China's role in the world economy in the series of global financial summits, with the first one to be held in the U.S. on November 15th.
