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Stephen Roach: global economy recovery still precarious, sustainable Asia expected
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The global stimulus plans should continue and the world, especially the Asian countries, should put emphasis on sustainable growth, Stephen Roach, Morgan Stanley's Asian Chairman, said Thursday.

The global economy recovery was still in its early stage and was precarious, Roach said in an interview with Xinhua during the Summer Davos in north China's coastal city Dalian.

Looking back the past one year since the Lehman Brothers filed for bankruptcy, one important lesson from the global financial crisis was that imbalance was not sustainable, which might cause very serious problems in the long term, he said.

For China, realizing a balanced and sustainable growth was a more critical concern than dealing with the risk of deflation and inflation, he said.

Roach will launch his new book titled "The Next Asia -- Opportunities and Challenges for a New Globalization" during the Summer Davos.

"Asia is now in position to become a real engine boosting global growth by changing its export-led economic growth pattern, and a more balanced Asia provide more sustainable growth opportunity for the region and more contribution to the global economy," Roach said.

The three-day summit, also known as the Annual Meeting of New Champions 2009, attracted about 1,400 business leaders and policy makers from 86 countries and regions.

(Xinhua News Agency September 10, 2009)

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