World Bank President Speaks in Beijing on Exports, Inflation

And World Bank President Robert Zoellick also spoke at a press conference in Beijing today. Today was the last day of his trip to China. Zoellick reiterated his concerns over the future of China’s export-led economy.

[Robert Zoellick, World Bank President]:
“But it’s hard for me to see that a continued reliance on export-led and investment-led growth will work for China over the next ten years. And that challenge would maybe even become clear if the developed countries have a hard time resuming their growth.”

Zoellick also spoke about the near-term challenges for China’s economy.

[Robert Zoellick, World Bank President]:
“I think in the near term, as Premier Wen Jiabao mentioned, inflation is the most important issue for China. And this is driven in part by the food prices. And I think the Chinese authorities are sensitive to it because if you look back at the recent Chinese history, inflation can be a very destabilizing element.”

 

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