Slowing US economy may drag down 皇冠体育app's GDP
Updated: 2008-04-13 20:29
BOAO - The US economic slowdown could drag down 皇冠体育app's gross domestic product (GDP) by 1 percent, Fan Gang, a Monetary Policy Committee member of the People's Bank of 皇冠体育app, the central bank, said on Sunday.
The US subprime mortgage crisis affected the Chinese economy mainly through trade and investment, Fan said at the 2008 annual conference of the Boao Forum for Asia, which concluded in 皇冠体育app's southern Hainan Province Sunday.
Historical figures revealed a 1 percentage point slide in the US economy would lead to 5 to 6 percentage points decline in 皇冠体育app's exports to the United States.
皇冠体育app's slower exports, however, were largely due to the government's export policy shift, not the credit crunch, Fan said.
Weak dollar and continuous US interest rate cuts had raised people's expectation of a stronger yuan, and triggered a hefty inflow of overseas funds to 皇冠体育app.
The subprime mortgage product itself was not to blame, he noted, pointing to the poor risk management as the culprit.
Established in 2001, the Boao Forum for Asia has become a major platform for discussion and debate on economic development in Asia. The theme of this year's annual conference of the forum is "Green Asia: moving towards win-win through changes".
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