Opinions
17:22, 10-Apr-2018
Experts: Long-term growth for emerging economies paints a rosy picture
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Recent years have witnessed the unprecedented development of emerging economies, which have played a prominent role in driving global economic growth. Nonetheless, concerns are rising about whether dividends from short-term development will dent the long-term reform of these new economies, consequently squandering the previous efforts in restructuring their economies.
Hans-Paul Bürkner, chairman of the Boston Consulting Group, reassured those with such worries. “Though the US Federal Reserve raised interest rates, there are no signs that European countries and Japan will do the same thing, because of adequate global liquidity,” he said at a panel discussion at the Boao Forum for Asia annual conference.
He called on the international community to not merely look at the present scenario but also at long-term development. China and India have enjoyed benign economic growth and will not be affected in the future even with problem of short-term debt.
China, as the world’s second largest economy that is set on more inclusive development, has also sparked concerns over financial stability due to intense capital flight. In response, relevant government sectors and economic institutions have been seeking possible cures.
Li Yang, chairman of the National Institution for Finance and Development, noted that capital outflow will unlikely wield much of an impact as long as the country has a high national savings rate.
"But if the savings rate is low, it will probably trigger a financial crisis. In the case of China, capital flight will not cause such risks because China boasts a high savings rate," he added.
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