Ｓａｖｉｏｒ ｏｆ ｔｈｅ Ｗｏｒｌｄ Ｅｃｏｎｏｍｙ

The credit crunch and generally tightened monetary poficy causedby the subprime crisis in the United States are stillbeing widely assessed around the globe. Worries are that a furtherdownturn of the U.S. market in the coming year will intensifycash flow shortages and spur more economic losses, resulting in acomplete decline of the U.S. market and therefore slowing downthe world economy. Another theory has surfaced assuming that China and the United States are the double-barreled engines ofthe world economy. As China's influence spreads, it will have tocomplement 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 ofthe State Council, has made clear China's growing impact on theglobal economy. However, as Ding wrote to the Global Times, aBeijing-based daily publication, the knockdown effect of themortgage crisis is apparent, and emerging markets look evenmore vulnerable because of it. Excerpts follow.