Europe Needs to Learn from China

FOUR years into the international financial crisis,it’s clear that the economic policies followed in Europe to deal with the crisis have failed.Realization of this has now led to major political changes in Europe,epitomized by the outcome of the French and Greek elections.The Financial Times,one of the world’s leading newspapers,considered these events so significant that it headlined its lengthy review of them "Seven Days Which Shook Europe."A key reason Europe’s policies have failed to solve the economic problems that arose from the financial crisis is that there has been a consistent     

Savior of the World Economy

The credit crunch and generally tightened monetary policy caused by the subprime crisis in the United States are still being widely assessed around the globe.Worries are that a further downturn of the U.S.market in the coming year will intensify cash flow shortages and spur more economic losses,resulting in a complete decline of the U.S.market and therefore slowing down the world economy.Another theory has surfaced assuming that China and the United States are the double-barreled engines of the world economy.As China's influence spreads,it will have to complement the United States to rid the world of this crisis. Ding Yifan,Deputy Director of the Institute of World Development under the Development Research Center of the State Council,has made clear China's growing impact on the global economy.However,as Ding wrote to the Global Times,a Beijing-based daily publication,the knockdown effect of the mortgage crisis is apparent,and emerging markets look even more vulnerable because of it.Excerpts follow:     

China Still a Mecca for Foreign Direct Investment

China’s policies for growth haven’t changed. The country has stuck to its basic state policies and furthered the domestic reform agenda. It has opened its doors to the outside world wider than ever before.THE world economy has had a tough time of it recently. After the financial crisis it staggered along, and looked to be almost up on its feet till the Eurozone sovereign debt crisis blew up in its face     

No Turning Back

Globalization, despite the benefits it has brought to humanity, is seriously challenged by populism today. Since the 2008 financial crisis, there has been a strong momentum in the return of populism represented by rising trade protectionism in some countries, Britain's exit from the EU, and the surprise victory of Donald Trump as U.S. president.     

MARKET WATCH

The hottest financial market topic of the moment could be the subprime loan crisis in the United States. The crisis has stormed the U.S. stock market, dragging it to its biggest falls in a single trading day. Other markets, such as Japan's, were also vulnerable to the crisis, but the Chinese stock market shrugged off the U.S. nightmare and continually hit record highs. Several big Chinese banks were involved in buying subprime mortgage securities and their profits could be affected moderately. Lenovo Group has a new ambition to acquire the high-end European Packard Bell PC business but is facing strong rivals. The Chinese Government is trying to revitalize the old industrial base in the north- eastern provinces. In the meantime, it has promised to invest more to maintain food safety. Foreign capital flowed into the property sector, jacking up housing prices on the mainland.     

Market Watch

OPINION how has World Economy Changed Since 2008?On September 15,2008,Lehman Brothers filed for bankruptcy protection,a sign of the escalation of the U.S.subprime crisis toward a global financial crisis.Now,the world economy is stepping out of crisis and marching toward recovery.Five years after the crisis roiled the world,in what ways has the global economy changed?     

Ensuring Food for All

正Countries should join forces to prevent a possible global food crisis and protect the vulnerable While the novel coronavirus disease(COVID-19) epidemic is well under control in China,it is rapidly spreading in Europe and the U.S.and has begun to affect less developed countries in Africa,South Asia and Latin America.COVID-19 is a global health crisis not seen in decades.Without proper measures,a global food crisis leading to a much larger humanitarian disaster may follow,caused not by a shortage of food,but due to panic that can lead to severe disruptions in the     

Ensuring Food for All Countries should join forces to prevent a possible global food crisis and protect the vulnerable

While the novel coronavirus disease(COVID-19) epidemic is well under control in China,it is rapidly spreading in Europe and the U.S.and has begun to affect less developed countries in Africa,South Asia and Latin America.COVID-19 is a global health crisis not seen in decades.Without proper measures,a global food crisis leading to a much larger humanitarian disaster may follow,caused not by a shortage of food,but due to panic that can lead to severe disruptions in the global supply chain.     

SEEKING REFUGE

正Will the controversial EU-Turkey Agreement alleviate the refugee crisis in Europe?Turmoil in large swathes of the Middle East and North Africa has caused a mass exodus of people desperate to reach safer countries in Europe.The refugee crisis currently engulfing the European continent has led to a controversial deal with Turkey,potentially tarnishing the EU's image as a"bastion of human rights."     

Saving the Earth——a Global Mission

With the financial crisis wreaking havoc on nations across all continents, our sense of living in a globalized age has become more acute than ever. China is also feeling the pinch, despite initial confidence that it would stay immune to the meltdown. Thousands of labor-intensive plants in Guangdong Province, a major engine of the nation＇s export industries, have closed. And in the nation＇s leading coal-producing area of Shanxi Province, the highways are no longer choked with fully loaded trucks, a clear sign of the scaling-back of manufacturing nationwide.     

Jinjiang——Radiant and Vigorous

JINJIANG is a coastal city in southeast Fujian Province, across the sea from Jinmen and Taiwan. Before opening and reform, its lack of resources, undeveloped industry, large population and insufficient farming land rendered it poverty-stricken. In recent years, however, the city has undergone drastic change.In 1994 Jinjiang ranked 15th among the top 100 cities of China. Despite the impact of the Southeast Asia financial crisis and world economic recession, it has maintained its     

Current Rural Medical Service in China

In contrast to the great changes that have taken place in the Chinese economy, China is confronting with a rural health crisis. Statistics shows that about 40-60% of the people in rural areas fail to see a doctor when they get sick simply because they cannot afford it and 70% of the people impoverished due to diseases. In the western part of the country, 60-80% of the patient farmers have to die at home. Part of the Chinese farmers has     

Europe’s Migrant Woes

<正>The EU should seek solutions for the migration crisis at home and abroad Illegal immigration is nothing new to Europe.But since the beginning of this year,it has become a humanitarian issue on a scale never before encountered,as a soaring number of undocumented people from the Middle East and Africa seek asylum or a better life in Europe after crossing the Mediterranean.     

Crisis for One and All

Chinese are born philosophers, mainly because they speak a langue rich in dialectic wisdom. This is evident in the present buzzword ＂crisis.＂ The Chinese character for crisis is weiji： wei meaning danger andji meaning opportunity. When a tough situation arises, as it has now with the financial crisis, the Chinese can generally see both its bad and good aspects.     

MARKET WATCH

OPINION A New Momentum of Growth The financial crisis deriving from the United States in 2008 has not only trapped the global economy in a cycle of recession, but also greatly changed the structure of the global financial market. This change has also expanded to China. China’s financial market has transformed from a traditionally bank-dominated one to a     

A Taxing Dilemma

Multinational corporations come under scrutiny for alleged tax dodging The issue of taxation seems to be a dry,technical subject.But it is one that people can get extremely emotional about,as some major corporations in Europe and North America have discovered recently.Since the global financial crisis broke out in 2008,the issue of taxes that corporations pay has become a sensitive one.In Europe and     

Eye on Development

正How to solve the refugee crisis in Africa The refugee problem has caught the attention of the international community as the number of refugees worldwide has reached a record high, leading to the most serious refugee crisis in Europe since World War     

Europe on the Brink Deepening debt crisis threatens the unity of the euro zone

The debt crisis in Europe is spreading to larger South European economies,and now is entering a new and much more dangerous phase.It will further damage the fiscal stability of core eurozone countries.In the meantime,the crisis has started to take a toll on Europe's banking industry.Possibilities of a systemic financial crisis,sovereign debt default and a euro-zone collapse are increasing.European integration currently faces the toughest challenge in the past five decades.And the solidarity of EU members has been put to the test.     

Issues of Concern

Over the past two decades, the Group of 20 (G20) cooperation mechanism has successfully upgraded from a meeting of finance ministers and central bank governors to a multilateral coordination and dialogue mechanism led by the bloc*s leaders. It has transformed from a crisis response mechanism to a Iong-term one, serving as a premier platform for global economic governance. The G20 has played a pivotal role especially in addressing the financial crisis and other global challenges.     

Path to Inclusive Globalization The Belt and Road Initiative leads the way to new global economic governance

正The rise of protectionism in recent years has accompanied dramatic changes taking place in the world and has left global leaders and scholars anxious about the future of globalization.Since the 2008 international fi nancial crisis and especially after 2016,the globalization trend has taken a sudden downturn marked by Brexit and a series of protectionist policies implemented by the United States.