| indiaBPOking 2006-08-25, 9:57 pm |
| http://news.xinhuanet.com/english/2...ent_5008207.htm
WASHINGTON, Aug. 25 (Xinhua) -- Federal Reserve Chairman Ben Bernanke
Friday highly praised China and India's emergence, saying there are no
historical antecedents for this development.
The emergence of China, India, and some other countries "implies
that the greater part of the earth's population is now engaged, at
least potentially, in the global economy," said Bernanke in prepared
remarks for an economic conference in Jackson Hole, Wyoming.
"There are no historical antecedents for this development," he
added.
In addition, he compared China's economic opening with Columbus's
voyage to the New World.
This voyage "ultimately led to enormous economic change, of course,
but the full integration of the New and the Old Worlds took centuries,"
he said. "In contrast, the economic opening of China, which began in
earnest less than three decades ago, is proceeding rapidly and, if
anything, seems to be accelerating."
Bernanke also warned policymakers not to take protectionist
measures that would hurt global economic integration.
"The scale and pace of the current episode (of globalization) is
unprecedented," said the new Fed helm in his first public speech to the
high-profile economic conference, but noting the progress of global
integration could improve living standards and cut global poverty.
"Further progress in global economic integration should not be
taken for granted," Bernanke said. "Geopolitical concerns, including
international tensions and the risks of terrorism, already constrain
the pace of worldwide economic integration and may do so even more in
the future."
"The challenge for policymakers is to ensure that the benefits of
global economic integration are sufficiently widely shared -- for
example, by helping displaced workers get the necessary training to
take advantage of new opportunities," he added. Enditem
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