By Eugene Tang
(Bloomberg) -- China may emerge as “a winner” from the global financial crisis because of its high savings rate and strong policy response, Nobel Prize-winning economist Joseph Stiglitz said.
“China’s government has taken very rapid action to address the crisis,” Stiglitz said at a forum in Beijing today. High savings rates may help Asian economies “weather the financial crisis,” he said.
The Shanghai Composite Index has climbed 46 percent this year on optimism that surging lending and a 4 trillion yuan ($586 billion) stimulus package will drive a rebound in the world’s third-biggest economy. Weaker industrial-output growth in April, reported today, highlighted the central bank’s view that the recovery is not yet solid.
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Ruin-Nation
11 months ago
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