Policy coordination

Considering the uneven recovery and imbalances, analysts said developed countries and emerging market countries need to coordinate their policies in the global perspective. Ma Jun said what's the important is all the countries can't "benefit themselves at others' expense" in making trade and monetary policies.

Ma said the market's focus is put on the US second-round quantitative easing policy, which, while boosting the country's economy, may depress the dollar exchange rate and accordingly harm the exports of other countries and lead to capital influx into developing countries.

Wang Qing said the currency policies of developed countries cause global liquidity, leaving the developing countries' domestic economic situation unmatched with the international policy environment. He said the emerging economies are advised to take tightening policies.

China's contribution

Some analysis said the distribution of global economic influence is shifting from the west to the east after the crisis. The Asian emerging market countries, especially China, have become the most important momentum of the global economic growth.

Analysts said China has made great contributions to the global economic recovery. "China's economic size has taken up almost 10 percent of the global economy. In recent years, China's contribution to the global economic growth has reached 20 percent to 30 percent," said Ma Jun, who predicted that China will play an even more important role in the world's economic arena.

According to the forecast of Morgan Stanley, China will realize 9.5 percent growth next year and in the next 10 years, China will maintain an annual growth rate of 8 percent. Wang Qing said China' s influence on the world will be durable and far-reaching.

Robert Lawrence Kuhn, an international investment banker, said China's role in leading the world's recovery is "both remarkable and historic." "But it would be a mistake for the world to come to believe that China and China's growth can solve the world's problems," he said.

(Xinhua News Agency November 8, 2010)