He also argued that western countries had been dangerously negligent in their policies towards their financial institutions and that this failure of banking management, coupled with a culture of “l(fā)ow savings and high consumption”, was behind the current crisis.

The unapologetic tone suggests China is unlikely to acquiesce in calls from Timothy Geithner, incoming US Treasury secretary, that China should adopt a more conciliatory exchange rate policy. Last week Mr Geithner accused China of manipulating its currency, reflecting a widespread concern in the US that Beijing is keeping its currency weak to support the economy.

Many US officials and economists have also previously blamed China for stoking up the credit bubble earlier this decade by amassing vast foreign exchange reserves, which were invested in debt markets.