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2001 Nobel laureate Joseph Stiglitz said in Hong Kong on March 24 that he is very optimistic about the Chinese economy, although the industry generally predicts that the growth rate of the Chinese economy in 2009 will be compared with previous years. There has been a slowdown, but in the context of the deep downturn in the global economy, this is still a great achievement.
Stiglitz said at the Asia Investment Forum hosted by Credit Suisse that the World Bank predicts a 1.5% global economic contraction in 2009; the International Monetary Fund’s forecast is a contraction of 0.5%, and may adjust the forecast recently; it is foreseeable that The global economy has experienced a long and deep downturn. As a global economic "engine" of American consumer failure, many people turn their attention to China.
“Overall, I am very optimistic about China (economic outlook),†he said.
Stiglitz said that China’s goal of determining an economic growth of around 8% is personally considered to be slightly lower, but even so, it is a remarkable achievement in the current environment because the external economic environment is extremely unfavorable, such as the recent export of the mainland. There has been a rapid and sharp drop.
Stiglitz said that the development model of the global economic system is bound to change. The US household savings rate will increase, consumption will decrease, and China's exports will decrease. Therefore, structural adjustment must be experienced. Some of the economic restructuring that China needs to undertake has been included in the 11th Five-Year Plan. However, China still needs to continue its efforts in stimulating household consumption, which will be one of the challenges.
Tao Dong, managing director of Credit Suisse and the chief economic analyst of Asia, who hosted the first event of the forum, said that the global financial crisis marks the end of the US consumption pattern and also means the end of the export-driven Asian growth model. After the crisis, many industries in the Chinese mainland economy, such as machinery manufacturing, shipbuilding, steel, and automobile industries, are expected to enter a new stage.
The Asian Investment Forum hosted by Credit Suisse was held in Hong Kong from March 24th to 27th. The guests included many economic, financial and political heavyweights.
Stiglitz: I am very optimistic about China.
Abstract 2001 Nobel Laureate in Economics, Joseph Stiglitz, said in Hong Kong on March 24 that he is very optimistic about the Chinese economy, although the industry generally predicts that the growth rate of the Chinese economy in 2009 will be compared with that of previous years. Will slow down, but...