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Chinese Expert: G8 Summit's Statement on World Economy is Objectiv

At the end of the first day's meeting in L'Aquila, Italy, leaders of the G8 economies agreed in a statement that signs of economic stabilization abound, including stock market recoveries, thinner interest rate spreads, and improved business and consumer confidence.

But they also said the economic situation remains uncertain, and significant risks for economic and financial stability remain.

Li Xiangyang, an economist at the Chinese Academy of Social Sciences, gives his evaluation of the current economic situation.

"We are happy to see some good signs. However, it is early yet to say the world economy is back on the track of recovery since we still have many problems to solve, such as unemployment, a sagging market, falling consumer confidence and the lingering threats from the poisonous assets among others."

Professor Li says that concerns about worldwide inflation and the devaluation of the U.S. dollar have led to higher investments in commodity markets, which have prompted commodity price rebounds.

But sluggish demand and rising unemployment have continued to hurt the world economy.

"This statement by the G8 economies has also urged world economies to continue their stimulus efforts. Since the world economic situation is still uncertain, it is not yet the time to call off those encouraging fiscal and monetary policies. On the other hand, leaders of the G8 group also implied the great risk involved in these policies which should be stopped as the world economy recovers."

The G8 leaders also suggested enhancing their cooperation with developing countries to jointly fight the global financial crisis.

Renato Brunetta, Italy's Civil Service Minister, said developing countries have the potential to become the catalyst for world economic growth.

"They have great potential because their infrastructure is still developing. For example, in recent years, China's economic growth has been about 8 percent to 10 percent. Despite a late start, China now is playing an increasingly important role in driving the world economy. Many western utility enterprises and private insurance companies are doing business in China, which is of great importance for western countries to combat the crisis."

Brunetta adds that this year's meetings may not yield quick results concerning issues such as the economic downturn, climate change and the Doha round of global trade negotiations, but will definitely reflect its value over the long run.

Editor:Guo Changdong Source:CRI


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