Christine Lagarde at the China Development Forum 2012
In a speech at the China Development Forum Christine Lagarde highlighted the role of China and emerging economies in the global economy .
Source : https://www.marocafrik.com/english/Christine-Lagar...
She said she was visiting in global economic circumstances that are a little more comfortable than they were last November. Then, she referred to the ‘dark clouds’ over the world economy, but today there are signs that those clouds may be beginning to disperse.
There are signs that strong policy actions—especially in Europe—are making a difference. Financial markets have become a little calmer and recent indicators point to an uptick in real economic activity, mostly in the United States.
She said that however that global financial also need to remain cautious. As Luu Mengzheng said, “Like Weather
one's fortune may change by the evening.”
The Managing Director of the IMF said that the global economy is not yet out of the danger zone: financial systems are still fragile; public and private debt is still too high; and unemployment is still a major problem. Added to that, the rising price of oil is a new threat that could derail the recovery.
The advanced economies—the European advanced economies in particular—remain the epicenter of many of these pressures. While they are clearly on the right policy path, they must push ahead without delay or diffidence.
However, the emerging economies—particularly global growth leaders like China—also have a special responsibility.They are far from immune to the weaknesses among the advanced economies. And the possibility of slower growth over the medium term in some emerging economies is another source of risk to the global recovery.
If the emerging markets are to continue to prosper and help keep the global economy afloat, as they did through the depths of the crisis, they too must act. Not just in their own interests, but in the global interest, she said.
Christine Lagarde observed that she dared not think how bad the global situation might have been if China was not the powerhouse that it is. Yet, it also made her wonder what more China can achieve—both for the Chinese people and as a global economic leader. She felt that the best is yet to come.
There are signs that strong policy actions—especially in Europe—are making a difference. Financial markets have become a little calmer and recent indicators point to an uptick in real economic activity, mostly in the United States.
She said that however that global financial also need to remain cautious. As Luu Mengzheng said, “Like Weather
one's fortune may change by the evening.”
The Managing Director of the IMF said that the global economy is not yet out of the danger zone: financial systems are still fragile; public and private debt is still too high; and unemployment is still a major problem. Added to that, the rising price of oil is a new threat that could derail the recovery.
The advanced economies—the European advanced economies in particular—remain the epicenter of many of these pressures. While they are clearly on the right policy path, they must push ahead without delay or diffidence.
However, the emerging economies—particularly global growth leaders like China—also have a special responsibility.They are far from immune to the weaknesses among the advanced economies. And the possibility of slower growth over the medium term in some emerging economies is another source of risk to the global recovery.
If the emerging markets are to continue to prosper and help keep the global economy afloat, as they did through the depths of the crisis, they too must act. Not just in their own interests, but in the global interest, she said.
Christine Lagarde observed that she dared not think how bad the global situation might have been if China was not the powerhouse that it is. Yet, it also made her wonder what more China can achieve—both for the Chinese people and as a global economic leader. She felt that the best is yet to come.
Source : https://www.marocafrik.com/english/Christine-Lagar...