From Chinese Press

Shanghai World Expo builds confidence for world economy

(Xinhua)
Updated: 2010-04-30 10:14

The world economy is slowly recovering from the global economic downturn but the comeback has been shadowed by the debt crisis in Europe.

The Shanghai World Expo, set to open Saturday, is expected to build confidence in restoring the world economy.

The world needs to look ahead with courage despite grim prospects, says Geir Haarde, Iceland's former prime minister.

Confidence in the world economy stands as reflected in the words of the world's leaders.

Yasuo Fukuda, the former Japanese prime minister, said the Shanghai World Expo is opening at a time when the extravaganza will provide an opportunity for countries to recover from the economic nightmare.

Faith in the global economy also reflects in the actions of countries around the world.

As one of the first countries to confirm participation in the Shanghai Expo, Chile decided to build a pavilion of its own instead of renting one as originally planned. That action came even though Chile was later struck by a strong earthquake.

Countries around the world insist on attending the Shanghai Expo because their attendance will boost the world economy, just as the 1933 Chicago World Expo did when the United States was mired in the worst economic crisis in its history.

The U.S. was still immersed in the Great Depression at that time with numerous banks closed and the jobless rate soaring to as high as 25 percent of the country's workers.

But also that year, the Chicago World Expo, named "A Century of Progress," officially opened.

Then U.S. President Franklin D. Roosevelt said the expo was timely "not only because it marks a century of accomplishment, but it comes at a time when the world needs nothing so much as a better mutual understanding of the peoples of the earth."

The Chicago fair, the first to have its own theme, demonstrated America's leading position in science and technology and also forecast the quick recovery of the U.S. economy.

Starting from 1935, almost every U.S. economic indicator took off on a road of stable growth. By 1939, the country's GDP had grown to 204.9 billion dollars from 7.42 billion dollars in 1933. The number of unemployed workers fell to 8 million.

In the same way, the Shanghai World Expo is also expected to showcase the new trends and developments in the global economy and build confidence in the world's economic future.

At the same time, China, the host country, has been applauded by the world for maintaining a sound economy during the financial crisis.

The fair, as is indicated by its theme "Better City, Better Life," will showcase the direction of future development for mankind, prompting countries to seek the common goal of sustainable development. A green economy is widely expected to become the new growth engine of the world.

After just one more day, 189 countries and 57 international organizations will gather in Shanghai to put on a grand spectacle, displaying mankind's greatest achievements in economy, science, technology and culture.

Let's hope that during the Shanghai Expo, confidence for the world's economy will be restored, and mankind will find the key to a brighter future.