IMF and World Bank meetings show China's rising influence (2)

15:15, April 27, 2010      

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Asia will continue to lead the way in the economic resurgence

Before convening the spring meetings, the IMF released the "World Economic Outlook" report that said the global economic recovery has been better than expected, dropping by less than 1 percent in 2009 and is expected to increase by over 4 percent in 2010 and 2011. The meetings pointed out that the Asian economy will continue to lead the way in the global economic recovery with China and India becoming the focus of attention.

The meetings emphasized that despite the better-than-expected economic recovery, there are still new challenges. Dominique Strauss Kahn, president of the IMF, put forward five key subjects related to the global economy. These subjects are: ensuring the economic recovery, coping with new financial challenges, renovating and reforming financial departments, dealing with high unemployment and rebalancing the global demand.

The report showed that the IMF has realized the phenomenon of an asynchronous economic rebound as well as the spillover effect among countries and various regions, therefore each country should implement relevant exit strategies step-by-step on the basis of their national conditions.

Macroeconomic policy should aim at establishing a balanced and stable global economy, recreating the employment opportunities, stabilizing prices and avoiding protectionism. The meetings promoted the practice of ensuring sustainable public finances and the ability to deal with the sovereign debt risk.

Under the common promotion of the international community, the global economy and financial situation are better than expected, but the economic recovery remains unbalanced, with high unemployment existing in many countries. Every country should take different measures on the basis of their own national conditions such as making sure exit strategies include establishing unconventional macroeconomic and financial support measures.

At the same time, they should continue to strengthen policy cooperation so as to realize sustainable world economic recovery. The strategies must cooperate with five economic factors: ensuring prudent financial expenses; maintaining stable prices; building steady, effective and elastic financial systems; creating employment opportunities and reducing poverty.

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