If there’s a threat of dangerous deflation—a general fall in prices—the causes lie as much in Europe and Japan as in the United States. The inevitable collapse of America’s speculative boom need not have been especially damaging if the world’s other advanced economies were healthy. Their expanding appetite for imports would have bolstered the United States and so-called emerging market countries, from Brazil to South Korea. The trouble is that other advanced economies aren’t healthy.
Deflation could emerge from simultaneous slumps in the world’s three major economies. Prices drop because there’s too little global demand chasing too much global supply—everything from steel to shoes. Japan’s ills are well known its banks are awash in bad loans. Less understood (at least in the United States) is the fact the Europe’s troubles stem significantly from Germany. Germany is Europe’s “sick man”, just as Japan is Asia’s. Only 15 years ago, these countries seemed poised to assume leadership of the world economy. Now they are dragging it down.
中国改革开放以来，国民经济年均增长速度达到9.7%。中国已经发展成为一个全球极富吸引力的大市场。世界各国和地区不少有远见卓识的企业家， 都将目光投向了中国，投向了西部，并从投资活动中获得了丰厚的回报。中国加入世贸组织后，外商参与中国西部开发的机会越来越多。西部大开发一定能成为沟通 世界各国和中国的一座桥梁，促进中国和世界经济共同发展，共同繁荣。