World's richest man says China should lift wages

The world's richest man weighed into the argument between China and the United States over currencies, saying that the dispute could be resolved if China raises wages for workers.

The world's richest man weighed into the argument between China and the United States over currencies, saying that the dispute could be resolved if China raises wages for workers.

HT Image

Rather than drive each other's currencies lower, China should give people more wealth to improve their lives, Mexico billionaire Carlos Slim said late on Tuesday.

"Then China would have greater purchasing power. The domestic market would be bigger," Slim, currently ranked the world's richest man by Forbes, told reporters at a business summit in this border town.

"I think it's a very dangerous mistake for developed countries to enter into this competition," Slim said of mounting currency tensions.