|
|
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. |
       |
精品无码久久久久国产动漫3d | 亚洲精品无码专区在线播放| 最近中文字幕2019高清免费 | 无码无遮挡又大又爽又黄的视频| 亚洲人成国产精品无码| 无码国产午夜福利片在线观看| 最近2019年中文字幕6| 亚洲精品一级无码鲁丝片| 久久综合精品国产二区无码| 国产aⅴ无码专区亚洲av麻豆| 无码精品A∨在线观看中文| 国产精品热久久无码av| 亚洲精品～无码抽插| 亚洲国产精品狼友中文久久久| 日韩av无码中文无码电影| 国产免费久久久久久无码| 无码一区二区三区免费| 欧美亚洲精品中文字幕乱码免费高清 | 大蕉久久伊人中文字幕| 亚洲国产精品无码久久青草| 人妻无码一区二区不卡无码av| 成人无码a级毛片免费| 无码人妻精品一区二区三区蜜桃| 最好看2019高清中文字幕| 久热中文字幕无码视频| 中文字幕日韩精品无码内射| 欧日韩国产无码专区| 国产精品无码免费专区午夜| av区无码字幕中文色| AV无码久久久久不卡网站下载| 2019亚洲午夜无码天堂| 无码av免费一区二区三区试看 | 久久久久亚洲AV无码去区首| 国产v亚洲v天堂无码网站| 人妻丰满熟妇av无码区不卡| 无码精品久久久天天影视| 亚洲av无码一区二区乱子伦as| 精品欧洲av无码一区二区14| 国模无码人体一区二区| 精品久久久久久无码中文字幕| 最近中文字幕免费mv在线视频|
