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Reporting from IT&CM China and CT&TW China in Shanghai
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China can handle itRaini Hamdi (2009-04-16)
CHINA'S exposure to the global financial crisis is huge, but yesterday's IT&CM China keynoter, Dr George Zhibin Gu, says it “still is manageable” and - good news for the industry - inbound and outbound travel is not expected to be significantly reduced.
The China commentator who has just authored two new books, China's Global Reach and China & the New World Order, in an interview said China depended on international trade (US$2.56 trillion last year) and foreign direct investment (US$850 billion), and invested US$1 trillion in US government and agency bonds.
As well, 25 million Chinese employees now work for overseas companies inside China. “So, altogether, China's economic and political health are directly tied to the fortunes of global markets and world development,” Dr Gu said.
Asked how the crisis was changing China's economic and political development, he said it would delay the ongoing basic economic reform, ie, China's move towards a “law-based market economy” where a firm separation of government from business, with a right set of ownership, legal protection and governance, exists.
- Full report in TTG Asia April 24-30 |
