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Deutsche Bank: Subprime Crisis Has Limited Impact on China
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China can still maintain robust economic growth even if the subprime credit crisis slowed down the US economic growth, according to the Deutsche Bank AG.


"China's economic growth rate would be less than one percentage point lower if that of the US slowed down by one percentage point," said Ma Jun, chief economist for Greater China at Deutsche Bank AG in Kong Kong, said on Tuesday.


China's economy can still easily grow more than 10 percent if the US economic growth rate slowed to 0.7 percent in the second half of 2007, Ma noted.


China's economy expanded by 11.5 percent during the January-June period compared with the same period last year.


"The US economic downturn also has limited impact on the profitability of the listed firms on China's equity markets as a whole," Ma said, adding it can only seriously affect eight percent of the total stock market capitalization in the country.


"Although another major correction of the US stock markets may prompt the H-shares in Hong Kong to slump in the short term, but the robust corporate profit earnings and sufficient liquidity can help them recover more quickly than any other emerging markets even in case of big correction."


"We don't have big worries that the US subprime credit crisis can affect the Chinese economy greatly as well as its stock markets in the middle term," Ma added.


(Xinhua News Agency September 5, 2007)


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