I think that what China is saying is that they are not going to save the world's economy and that the US has to do something to get their own house in order.

When Europe was in crises there was a lot of talk from the Europeans about having China intervene and provide money. At that time China refused saying that Europe was fiscally irresponsible and a mess of their own making.

It appears that the US was complaining about the yuan being artificially controlled but China is refusing to make changes because they do not feel their economy is on solid ground yet.

I'm sympathetic to China here because they have the political stability to make changes fast and they do what is necessary to control their growth. They were aiming for a 7.5% growth target this year, while the US is shrinking by 2.9% and then complaining to China about them not doing enough!

American debt, government and personal, is out of control and is damaging the world economy and China is not going to save it. I think that is the message.

It's going to be interesting in the next few years because the consensus is that China is either currently, or soon will be, the worlds largest economy.