Wen Words Matter

His economic commentary may not cause as much speculation and anxiety as that of U.S. Federal Reserve Chairman Alan Greenspan, but the words of China's Premier Wen Jiabao have taken on new portent in global financial markets. The fast-growing Chinese economy, the world's sixth largest, is experiencing irrational exuberance, mainland style, and it's up to Wen to reassure everyone that Beijing can ease the country's growth rate from last year's torrid (unofficial) rate of 11.5% to single-digit levelsand do so without causing a crash that slashes China's demand for imports.

On a trip to Europe last week, Wen...