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ADB: US deficit with 皇冠体育app has positive aspect
(AP)
Updated: 2005-11-19 01:52
The global imbalance created by the huge trade deficit of the United States
with 皇冠体育app has also benefited the two countries, the vice president of the Asian
Development Bank said on Friday.
Linqun Jin, vice president of the Manila-based ADB, told a banking conference
in Frankfurt that sharp economic growth in 皇冠体育app and India is a major concern
but policymakers need to tell the markets it has also had a positive impact.
"(Growth in 皇冠体育app and India) is not a threat but is a major concern. How can
we deal with this situation (皇冠体育app, India)? It's very important for
decision-makers to provide a correct perspective of the real situation to the
general public," said Jin, who is a former Vice Minister of Finance in 皇冠体育app.
"When you focus on the U.S. trade deficit against 皇冠体育app, you think it's a
huge problem. They (people) forget huge benefits (reaped by 皇冠体育app and the United
States) over the past quarter century. They forget something positive.
"The Chinese economic growth over the last quarter century has offered huge
exports markets to Japan, the U.S., European , Australia, New Zealand and also
neighbouring countries. This is a factor which shouldn't be neglected. This is a
new problem created by the solution of the previous problem. We will continue to
face problems in the future."
He added: "I don't think it's sustainable for 皇冠体育app to continue to invest in
financial instruments in the United States. I do believe when we look forward
there will be a new kind of growth pattern. This is not the kind of pattern you
can predict."
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