Lingering recession

While China is often pointed to by the rest of the world as a rare bright spot on the global economic map, that feeling doesn't appear to be mututal.

In comments over the weekend during trade talks with the United States, China's Vice Premier Wang Qishan said Beijing fears a lasting global recession has taken hold. Wang, speaking at the China-US Joint Commission on Commerce and Trade in the western city of Chengdu, called the current world economic problem "severe" and said the financial pain is sure to last.

"The current global economic situation is extremely severe," Wang said over the weekend, according to the official Xinhua news agency. "Amid uncertainties, the one thing we can be sure of is that the global recession caused by the international financial crisis will be extended."