WSJ: Brighter future looms for US economy

Beijing, Nov. 29 (People's Daily Online) -- The Wall Street Journal on Nov. 12 published an essay, saying that with the world's three largest economies — Europe, China and the United States — in economic crisis, Europe will be the first to stumble, China needs economic reform, and the United States appears to have a brighter future.

"Europe will be the first to drop out," the article said. "Expect a disorderly debt default in Greece, more trouble for European banks and a sharp recession across the continent."

The article pointed out that the need for economic reform in China has become obvious. And to ensure long-term economic growth, "Beijing must figure out a way to encourage Chinese consumers to buy more of the products that local manufacturers make."

The article gave the opinion that although it would be hard to restore confidence in America's long-term fiscal health, "the longer-term future appears much brighter for the U.S."

"America is still the leader in the kind of cutting-edge technology that expands a nation's long-term economic potential, from renewable energy and medical devices to nanotechnology and cloud computing," the article said.

"Over time, these advantages will yield more robust economic growth." (Li Zhenyu)