DAVOS, Switzerland, Jan 28 (Reuters) - Some countries' unsustainable economic models led to the global financial crisis, Chinese Premier Wen Jiabao said on Wednesday.
"The ongoing international financial crisis has landed the world economy in the most difficult situation since last century's Great Depression," Wen said in keyote speech at the annual meeting of the World Economic Forum.
His comments came as a row intensified over Beijing's exchange rate policy after new U.S. Treasury Secretary Timothy Geithner branded China a currency manipulator last week, using a term the previous administration avoided for years.
Wen cited among the causes of the crisis: "Inappropriate macro economic policies in some economies characterised by low savings rate and high consumption.@
He also cited "failure of financial supervision and regulation to keep up with innovation which allowed financial derivatives to spread."
For full coverage, blogs and TV from Davos go to http://www.reuters.com/davos (Editing by Erica Billingham)