China sees global eco risks in 2013
On Thursday, China unveiled the new leaders who will take charge of the world's most populous nation for at least the next five years. China's own economy is showing signs of recovery after seven successive quarters of slowing growth that leave it on course for its slowest full year of expansion in 13 years.
Uncertainties in the global economy will increase further in 2013, especially in Europe and the United States - China's largest export markets, Vice Finance Minister Zhu Guangyao told a financial forum in Beijing.
He cited the recent IMF forecast that the fiscal cliff in the United States - shorthand for budget cuts and tax hikes that could take effect next year - could amount to $800 billion and cut could U.S. economic growth by 4.8 percentage points in a worst case view.
It could drag China's economic growth down by 1.2 percentage points, Zhu said, adding that he hoped Washington lawmakers would come to an agreement on taxes that would keep the U.S. economy on track.
Otherwise, U.S. growth could slip into a deep recession, which is a disaster for the United States, and also bring a severe negative impact on the global economy, Zhu said.
He reaffirmed China's support for the euro zone's efforts to deal with its debt crisis
Be the first to comment.
