|
|
G20 London Summit > China Daily exclusive
|
'China should fight protectionism'By Hu Yuanyuan (China Daily)
Updated: 2009-03-31 09:28 LONDON: The most important role China can play on the international stage is to deal with protectionism and global imbalances, while domestically, the country should use public expenses to bolster domestic demand, said Stephen King, group chief economist of HSBC. "I think the first thing China can do, as other countries should be doing, is fight against protectionism, or its many forms, not just from a trade perspective but also from a capital perspective," King told China Daily.
"If those flows dry up (not just trade flow but also capital flow) it will be damaging to the global economy, and it will be particularly damaging to some of the emerging markets, including China," King said. As each country tries to defend its own interests in a worldwide economic downturn, protectionism can take many different forms. King said global institutions should be strengthened to fight protectionism. "The reason is that, we have a series of national and regional policy makers, but we also have a global capital market. So, there is some sort of imbalance between the two," said King. "You have two choices, either raise the regulation aspect to the international level, or you reduce capital market to a regional level. But if you take the latter approach, you will lose a lot of the benefits that accrued due to globalization over the last 20 or 30 years. Free flow of capital has been very important in delivering particularly rapid growth in emerging markets." The second thing China needs to do, according to King, is to have a frank discussion with the US about the global imbalance. "In fact, global imbalance has made some kind of indirect contribution to the crisis; for instance, the distortion to capital market pricing has contributed to the scale of the financial crisis," said King. At the moment, it is clear that China is still playing an important role as a source of consumer demand within Asia. China's exports will not do very well for the time being because demand from other parts of the world has fallen. That's why the rebound of the economy in China becomes especially important, as what China loses in exports could possibly be gained back on the domestic front. "The policy to help stabilize the Chinese economy at the same time also has advantages of minimizing or reducing the scale of global imbalance, which is a good thing for both China and other parts of the world," King said. China enjoys significant advantages compared with other countries, due to the massive infrastructure projects taking place here. Although many forecasts suggest that economic activity will be stabilized in the second half of the year, King said HSBC's forecast suggests that such activity would stabilize at a very low level, and therefore, he does not expect an immediate return to business as usual. "Even with stabilization, it can take quite a while to return to where the global economy was two or three years ago," King said. |
       |
主站蜘蛛池模板： 欧美大胆老熟妇乱子伦视频| 国产一区二区一卡二卡| 国产精品∧v在线观看| 成人久久精品国产亚洲av| 91亚洲国产三上悠亚在线播放| 极品无码国模国产在线观看| 欧美黑人XXXX性高清版| 亚洲国产av一区二区三| 日本高清一区免费中文视频| 日韩视频福利| 极品少妇无套内射视频| 无码人妻一区二区三区精品视频 | 熟女精品国产一区二区三区| 国产精品99久久免费| 午夜福利日本一区二区无码| 性色在线视频精品| 国产精品偷伦费观看一次| 亚洲综合久久一区二区三区| 8848高清电视| 成人国产片视频在线观看| 亚洲产在线精品亚洲第一站一| 精品国产一区二区三区av性色| 大JI巴好深好爽又大又粗视频| 国产性生大片免费观看性| 国产精品亚洲五月天高清| 麻豆蜜桃伦理一区二区三区| 日韩一区二区三区日韩精品| 免费人成年激情视频在线观看| 亚洲欧洲精品国产二码| 久久精品波多野结衣| 四虎影视库国产精品一区| 亚洲国产精品日韩AV专区| 91亚洲国产成人精品福利| 亚洲精品香蕉一区二区| 色窝窝免费一区二区三区| 福利视频一区二区在线| 精品婷婷色一区二区三区| 中文字幕一区二区久久综合| 中文字幕人妻精品在线| 成人福利一区二区视频在线| 午夜国产精品视频免费看电影|
