Panel discusses roadblocks on China's path to economic recovery

13:47, August 10, 2010      

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Wang Chunzheng (executive vice chairmen of China Center for International Economic Exchanges (CCIEE))

Zheng Xinli (permanent vice chairmen of CCIEE)

Wang Jun (a research fellow at CCIEE)

Zhang Yongjun (a research fellow at CCIEE)
The Economic Sentiment Indicator and the Consumer Confidence Index for the European Union's 27 member countries have slipped for three consecutive months, the number of employed Americans in non-energy industries dropped in June for the first time in 2010 and Greece’s sovereign debt crisis is likely to spread to highly indebt euro zone countries.

All signs have transmitted the same signal – the global economic recovery is showing a slowing trend. What impacts will this pose on China's economy? Wang Chunzheng, Zheng Xinli, Wang Jun and Zhang Yongjun from China Center for International Economic Exchanges (CCIEE) gave an interview with People’s Daily on related topics during the 13th “Monthly Economic Forum” recently held at the CCIEE.

Global economic recovery slows

Reporter: How is the current global economic recovery going? What impacts will the progress of the global economic recovery exert on China's economy?

Wang Chunzheng: Latest indicators show that the U.S. economy is now recovering more slowly than before, though it did experience a rapid recovery in the initial stage. The U.S. total non-farm payroll employment dropped in June, its first decline in 2010, and the Consumer Confidence Index also fell sharply from May to June.

The U.S. Purchasing Managers Index and New Orders Index have been both dropping in recent months. The European economy is facing an even grimmer situation. The euro zone economy grew only 0.2 percent in the first quarter of 2010 compared to the last quarter of 2009, and the percentage is 0.6 percent compared to the first quarter of 2009.

The 27 member states of the European Union have all experienced declines in both the Economic Sentiment Indicator and the Consumer Confidence Index for three consecutive months. Japan has momentum for steady economic recovery, but its economic situation is also far from satisfying in the short term. Japan's exports fell both in April and May this year, which produced considerable effects on the country's export-driven economic recovery. This all leads to a conclusion that the foundation for global economic recovery is still quite weak and fragile.

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