Uncertain oil supply may become new risk for world economy: Standard &Poor's (2)

23:56, July 29, 2010      

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Meanwhile, David Peers, the global head of S&P's Sovereign and International Public Finance, said the impact of the euro zone crisis on China will be manageable.

"The first link is trade. Sluggish economic growth in the euro zone over the medium term suggests China's exports to the euro zone are likely to grow slowly," Peers said.

Secondly, he said, Chinese banks have links with European banks, but China's exposure to the credit risks of those institutions and euro zone sovereigns is relatively modest.

Wyss believed that China would face key constraints for a long time, including education and capital.

"China needs high saving rates to create capital and improve educational systems and graduation rates to sustain the country's current growth," Wyss said in a brief press release after the meeting.

The economist predicted that the euro could be appreciated against the U.S. dollar by the end of this year, because the euro zone's situation is becoming stable.

In addition, he said, some economies that hold big foreign reserves would buy back after heavy selling of the single currency during the recent sovereign debt crisis.

"On the other hand, the United States is still struggling from a huge trade deficit," Wyss said.

Source: Xinhua

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