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integration－trade, investment and finance－began benefiting large emerging and developing econ
omies. To be sustainable, globalization cannot serve just a few wealthy advanced economies. It m
ust also serve poorer and faster-growing economies, which today account for most of the global growth.
So, by flirting with trade protectionism and punitive tariffs on imports, adva
nced economies are seeking to implement the wrong policies at the wrong time. As the adv
anced countries have fallen into secular stagnation, they desperately need growth. Therefore, the rise of poorer eco
nomies is not a win-lose game, because it benefits the advanced economies, too.
In the aftermath of the 2008 global financial crisis, all major advanced econom
ies would have faced another Great Depression without the support of large emerging economies, particularly Ch
ina. And the contribution of these countries to global GDP growth is expected to climb to 80 percent by 2050.
in fact a type of aluminum alloy that can be used to imitate the shape of traditional Chinese a
rchitecture at a low cost. It is an example of how modern technology is applied at the ex
hibition,” Li Liang, a designer of the pavilion, was quoted by Beijing Daily as saying.
By installing rainwater collection devices on the roofs and tanks beneath the pavili
on, a mini ecological circulation has been created by gathering rainwater to irrigate the terraced fields.
Shen Yanyan, who camea with her family from Jiangxi province for a visit, said that
although she didn’t know much about design, she felt the building was “very cool”.
“We saw its shiny roof upon entry to the park and we were immediately attracted,” said the 33-year-old. “The Chin
a Pavilion is not only beautiful outside, but also inside. My mother is very happy to see flowers from so many pro
vinces and regions of the country, and all are well-trimmed and placed in the pavilion’s exhibition halls.”
pply (M2),” said Sheng Songcheng, a central bank adviser and a former director of the central bank’s statistics department.
The central bank released M2 data on Friday, which recorded a 13-month high of 8.6 percent by the end of March, accelerating from 8 percent by February.
Aggregate social financing, a gauge to measure broader financial activities including trust funds and local govern
ment bonds, also grew faster than market expectations. That total financing amount grew to 2.86 trillion yuan in Mar
ch, or a 11.1 percent growth from a year earlier, compared with 10.6 percent in February, said the central bank.
“According to the latest economic data, there is less necessity for RR
R cuts, but it requires further observation on future changes,” said Sheng.
If the central bank further cuts the RRR, when economic growth is already stabilized, inflation wi
ll surge, and possibly lead to funds flowing into the property sector instead of supporting the real economy, he added.