国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

   
 

Greenspan sees dramatic drop in Chinese stocks

(Reuters)
Updated: 2007-05-24 09:11

Greenspan sees dramatic drop in Chinese stocks
Former Chairman of the Federal Reserve Alan Greenspan (L) and U.S. Treasury Secretary Henry Paulson attend the Conference on U.S. Capital Market Competitiveness in Washington March 13, 2007. [Reuters]

Former U.S. Federal Reserve Chairman Alan Greenspan said on Wednesday he feared a "dramatic contraction" in Chinese stocks but said the global economy may be able to shrug off a drop in asset prices.

Addressing a meeting in Madrid via teleconference, Greenspan said the recent boom in Chinese stocks could not last.

"It is clearly unsustainable," he said "There's going to be a dramatic contraction at some point."

The main Shanghai index has nearly tripled in past year and is up 56 percent so far in 2007.

Greenspan also said a correction could cause problems for Chinese personal wealth. Some analysts have speculated that the Chinese government could be tempted to dip into its reserves to bail out any stung investors and avoid social unrest.

Greenspan, who stepped down as Fed governor last year, said cheap Chinese imports were one of the elements stoking world growth, along with Eastern European workers and the knock-on effects on lower inflation and rates.

"In the last five years, the world as a whole is a growing faster than at any time in the world's history," he said. "It can't last and it won't last because it's a one-shot adjustment."

Greenspan said asset prices around the world could fall but that the economy may escape unscathed if it were flexible enough to absorb asset price shocks.

"We will get major declines in certain levels but it need not feed back significantly to levels of employment or the real economy," he said.

Earlier this month, Greenspan reiterated that he believed there was a one-third chance the U.S. economy, the world's largest, would slip into recession this year.

On Wednesday, he said the United States had no problem financing its current account deficit.

"I am ... not particularly concerned about the current account deficit per se. I think that is essentially a market force," he said, adding that the budget deficit worried him more.

Asked about oil prices, which rose strongly last year and were around $70 a barrel on Wednesday, Greenspan said: "The problem of crude oil is not that we're peaking or running out of oil, we're not, the problem of oil is access."

He saw difficulties ahead for world energy markets over coming years if geopolitical issues continued to plague major suppliers and investment remained at insufficient levels.



Top China News  
Today's Top News  
Most Commented/Read Stories in 48 Hours
阳新县| 江门市| 筠连县| 镇安县| 西和县| 托克逊县| 西和县| 和静县| 彝良县| 五华县| 靖江市| 丰台区| 锦屏县| 寿宁县| 右玉县| 冕宁县| 长兴县| 陕西省| 靖安县| 竹北市| 夏津县| 宜兰县| 进贤县| 西乡县| 永修县| 阿坝县| 台安县| 商水县| 灵武市| 大庆市| 武鸣县| 皮山县| 汾阳市| 内乡县| 乐至县| 河北区| 平湖市| 陆丰市| 八宿县| 山阴县| 通榆县|