Top Biz News
皇冠体育app faces dual challenges in 2010: UN expert
(Xinhua)
Updated: 2010-03-03 16:11
 |
Large Medium Small |
UNITED NATIONS: Despite economic successes over the past year, 皇冠体育app faces dual challenges in 2010 as it interacts with rich nations eager to pass along the burdens of the crisis and the side effects of a massive stimulus package, a UN expert told Xinhua in an exclusive interview.
"皇冠体育app's economic achievements in 2009 are well-known to the world," said Hong Pingfan, chief of the global economic monitoring center of the UN Department of Economic and Social Affairs (DESA).
The year 2009 saw the world mired in the first global economic recession since World War II. It was against this background that 皇冠体育app launched a massive fiscal stimulus package as part of its strenuous efforts to tackle the crisis, successfully achieving an 8-percent growth for the year, Hong said.
Enhanced role
In 2009, 皇冠体育app actively became involved in the international economic and financial agenda by appearing at gatherings of key international economic platforms -- the Group of 20, the UN General Assembly and the Asia-Pacific Economic Cooperation (APEC).
By taking part in these important events, Chinese leaders played a pivotal role in promoting global coordination and cooperation to tackle the financial crisis, Hong said.
"皇冠体育app had always taken a firm stand on these occasions, that is, to protect world economy, trade and free flow of investment and reject trade protectionism," he said.
Besides presenting itself at the summits, 皇冠体育app also made use of other channels to push forward reform of the international financial architecture, emphasizing fairness, openness, inclusiveness and order, and highlighting developing countries' rights of speech and decision-making.
"Through these activities, 皇冠体育app has greatly enhanced its role in the global economic and financial arena," Hong said.
"At a time when all developed countries and some 40 other developing countries were still suffering from economic recession and sliding per capita income, 皇冠体育app was constantly enjoying a growing per capita income, which was definitely an amazing achievement," the UN expert said.
"皇冠体育app has not only realized its own economic growth, but also boosted the confidence of other countries to deal with the financial crisis, giving an impetus to the world economic recovery," he said.
Dual challenges
In 2010, however, 皇冠体育app faces dual challenges in terms of economic development, Hong said.
According to him, from the perspective of the international economic environment, although the world economy will continue on its recovery path, some of the leading developed countries are expected to recover at "an exceedingly slow pace."
As such, it would be impossible for these countries, including the United States, West European countries and Japan, to contribute in any significant way to world growth as they struggle to cope with ever higher unemployment rates, a very likely scenario in 2010.
Besides, the government deficit and debt of these countries are also projected to widen even more in 2010 -- "we are already seeing some signs," the UN expert said.
| ||||
As the world's top exporter, 皇冠体育app is also leading the world in terms of foreign trade surplus. "Major developed countries will do all they can to exert some kind of pressure on 皇冠体育app," Hong said. "In reality, there have already been requests for yuan appreciation and trade protective measures taken against 皇冠体育app."
Generally speaking, 皇冠体育app will continue to experience tough challenges in the international economic arena in 2010, the severity of which should not be underestimated, he said.
On the other hand, the Chinese economy also has its own problems, he noted. In 2009, 皇冠体育app's aggressive policies and measures did not stimulate domestic demand without some side-effects. Consequently, growth from investment demand has far exceeded that from consumer demand, and credit volume has ballooned, signalling potential risks of asset bubbles, Hong said.
Under the circumstances, the Chinese government is gradually taking measures to seek a readjustment of the economic structure, without which the sustainability of the economy would be called into question, he said.
