China Watch Blog has learnt that Albert Keidel, a famous economist specializing in China, was quoted by People’s Daily as saying that China had “nothing to do with the global economic recession.”
Keidel, a non-resident senior fellow at the Atlantic Council and a professor at the Public Policy Research Institute of Georgetown University, has a long list of titles including former vice-director of the East-Asia Office of the U.S. Department of the Treasury and the chief economist of the World Bank representative office in China.
Keidel said that China implemented effective economic stimulus policies to increase market demand, especially export demand. Compared to when the economic crisis broke out, China’s trade surplus has shrunk remarkably. Keidel said, “China has stimulated the world economy.”
In Keidel’s opinion, China stimulated the world economy in many ways. First, China has reformed the exchange rate formation mechanism since 2005. Based on market supply and demand, China adopted the floating exchange rate system to regulate and manage the exchange rate. Since the summer of 2008, China stabilized its RMB exchange rate against the U.S. dollar, making great contribution to the stability of international markets.
Hooray for China…
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