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Morgan Stanley: China, Only Driving Force to Push Asia's Economy Forward
After a round-the-world study, Stephen, a famous economic analyst in Morgan Stanley recently discovered that the Asian countries (except China) are still following the stereotyped mode of operation, while China alone stands out the driving force in pushing the Asia's economy forward.
He said that the dynamic economy, an expression used to describe Asia's economy has become a thing of the past. Especially in Japan, after 10 years' economic stagnation, it remains a standstill at the same place. Investors, company senior managers and policy makers are following the old rut as did in the past with most part of its financial machine cranking in an unhealthy condition. As to other countries in Asia they have nothing more to feel optimistic about. As we've seen in the financial turmoil period of 1997-1998, many countries are still reluctant to accept the reform for a long-term structural adjustment, the ROK being the most outstanding case. The bank reforms have lagged far behind and high debts may trigger off a crisis at any moment.
He said that encouragingly, China posed a stance of a sound and steady development under the unfavorable conditions in the period of economic recession in Asia. He made the assertion that China's economy will continue to go in for the better. He said that the western media must view China in the light of actual situation from within. China's fast speed and great success in its reform of economic structure are quite obvious, and the achievements scored by China will make other Asian countries bleak and pale to match with it.
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