2012 World Economy Challenges - Economist Andy Xie at TradeTech Asia
Famous for his bold predictions and provocative views, China-based independent economist Andy Xie kicked off his keynote speech at TradeTech Asia in Singapore by declaring that the Eurozone debt crisis is becoming a political crisis.
“European Central Bank has strong power during the crisis time and it is trying to force political changes in the region.” Just four days before Andy’s speech, Italy’s longest-serving post-war Prime Minister, Silvio Berlusconi, resigned due to the European debt crisis.
“Developed western countries are facing severe competitiveness and expenditure problems. The western lifestyle is not sustainable.” Andy, the former Morgan Stanley star chief APAC economist, explained to a room of buy-side traders, senior representatives from the major exchanges, regulators, brokers and technology experts, “The bottom line is Europeans need to work more and spend less.”
Andy, who had been bearish on China since the 2008 financial crisis, has recently changed his views on both China’s growth outlook and its equity markets. He pointed out that in 2012, China is gearing up for an unusually tough year, as it sees a top leadership reshuffle. How Mr Xi Jinping and his team handle China’s transition from an export-driven economy to domestic-consumption focused is going to reshape the Chinese economy, as well as the world economy in 2012.
Cognito Asia was selected to support the media activities for TradeTech Asia 2011, held at Grand Hyatt Singapore on November 16th and 17th, with more than 600 attendees, 112 speakers from 26 countries. Sixty percent of the attendees were buy-side representatives.
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