Stiglitz Calls for a Change of the World Economic Order and China's Vital Role
Speaking to audience in Shanghai this week, Economics Nobel laureate Dr Joseph Stiglitz called for a fundamental change of the world economic order by creating a new global reserve system and new multilateral institutions to restore the global economy. Reiterating his views on globalization, Stiglitz blamed the growing economic inequality as the root of the global financial crisis.
March 17th,2009
China Delegation in London for G20 Conference
The Chinese delegation arrived in London at the beginning of March, and consists of a number of working groups led by the Ministries of Finance and Commerce, the central bank, and the China Banking Regulatory Commission. Different groups will focus on macroeconomic policies, reconstruction of and supervision over the global financial system, IMF reform, and reform of the World Bank and other multi-lateral banks. The Ministry of Commerce will also form a special working group to discuss trade protectionism.
March 13rd,2009
Historic Trade Deficits Loom
China's trade surplus has dropped to $4.85 billion after steep decreases for four straight months. If it continues to decline in the following months, historic deficits loom.
March 12nd,2009
US-China: an Informal G-2 for Global Leadership
The present international financial and economic crisis underlines the extent to which China has become integrated into the global economy and the critical importance as well as the symbiotic nature of bilateral US-China economic relations. Economic complementarities across the Pacific are indeed striking.
March 9th,2009
China's Economic Downturn: Employment is The Critical Issue
The first victims of this slump were not the SOEs-they enjoyed fat profits in earlier years and are encouraged by the government to avoid lay-offs as much as possible and accept lower earnings instead-but the thousands of SMEs that supply them or serve as sub-contractors. However, if the recession lasts much longer or intensifies, even SOEs may begin to lay off workers as profits disappear.
March 7th,2009
Third Consecutive Rise in PMI Signals Rebound, for Now
The China Federation of Logistics & Purchasing reports that the Purchasing Managers' Index (PMI) rose for a third month in a row, to 49.0 in February from January's 45.3 (Figure 1). The continued rise signals that economic recovery is underway
March 7th,2009
Economy Has Bottomed, NPC Told, Stronger Stimulus Considered
The skinny circulating at the National People's Congress taking place now in Beijing is that the slowing of the Chinese economy has bottomed, and a further enlarged stimulus plan may be launched to help China exit the woods ahead of other economic powers.
March 5th,2009
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