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Global crisis a wake-up call for China, Asia: Stephen Roach
Singapore (AFP) Nov 18, 2009 The global economic crisis is a wake-up call for China and Asia's export-led economies to speed up efforts to boost domestic spending and rely less on the US consumer, a veteran Morgan Stanley executive said Wednesday. Stephen Roach, chairman of Morgan Stanley Asia, told a media briefing that the days of relying on American consumers to drive the region's economic growth were over. "This crisis late last year was the region's wake-up call," said Roach, who was an economist with the bank for 25 years and one of the few analysts to predict the US-led economic downturn. "This is a region that cannot afford to stay the course of being continually dependent on external demand, especially when the largest consumer (the United States) is in the early stages of a multi-year pullback." China, by virtue of its population size, will spearhead the change in the way the region's economies adjust after the crisis, Roach said. A new Chinese economic model that has a strong domestic consumption base will benefit not only the world's most populous country but also the rest of Asia, he said. "China is a terrific answer for an increasingly integrated Asian economic region where intra-regional trade has picked up dramatically in the 10 years following the Asian financial crisis," said Roach. "That's the footprint of the next Asia. It's one that derives much more support from internal private consumption." For China, the global crisis jolted policymakers into action to spur domestic spending, including the 586-billion-US-dollar stimulus package unveiled a year ago by the government, said Roach. "I think it scared the Chinese a lot and accounted for the reason why the leadership turned so aggressively on fiscal stimulus and funding that stimulus through a record surge of bank lending," he said. Share This Article With Planet Earth
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70 percent of Americans see China as economic threat: pollWashington (AFP) Nov 17, 2009 A clear majority of Americans see China as an economic threat, a poll showed Monday, as Barack Obama sought to bolster relations on his first trip to Beijing and Shanghai as president. More than 70 percent of those questioned in the CNN poll said they considered the Asian giant to be an economic threat, while only 28 percent disagreed with the notion. Two-thirds of those surveyed said ... read more |
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