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On the Right Track: Making due contributions to world economy

By Zhou Xiaoyan (Beijing Review)

08:27, September 20, 2012

HOT DEBATE: A panel of experts participates in a discussion entitled Demystifying Asia's Entrepreneurs at the 2012 Summer Davos in Tianjin on September 11 (ZHANG CHAOQUN)

As the euro zone sovereign debt crisis continues to cast a pall over the global economy, more collaboration was widely called for at the World Economic Forum Annual Meeting of the New Champions 2012.

The forum, also known as the Summer Davos, was held from September 11 to 13 in the north Chinese port city of Tianjin and was the sixth forum of its kind held in China. Under the theme Creating the Future Economy, the three-day event featured interactive programs on issues including the euro crisis and China's future economy.

Risks are decreasing in the euro zone's fiscal and monetary systems, as well as in its financial markets, but the risks to economic growth are rising, said Zhu Min, Deputy Managing Director of the International Monetary Fund (IMF).

Because Europe is one of the world's largest economies and accounts for one third of value-added exports to Asia, a deteriorating European economy will have a huge impact globally.

In the worst-case scenario, further disaster in Europe could lead to a 1.5-2 percent growth cut in the United States and a 1-1.5 percent cut in China, according to IMF predictions, said Zhu.

While Europe buckles under a mountain of debt, the U.S. economy has been struggling with its recovery, many at the forum in Tianjin looked to China to prop up the global economy.

The first priority of China should be to sustain growth, said Zhu. Its stable growth will immensely benefit the world and have a spillover effect in Asia, the United States and elsewhere. While sustaining growth, China should never forget how important structural reforms are to its own economy, Zhu added.

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