8月22日，我院副院长朱宁教授担任CCTV NEWS《Biz Asia》栏目嘉宾，就当日发布的8月PMI数据作出分析解读，同时他还对新兴市场的股票市场和中国的外汇储备情况发表评论。

Zhu Ning: Well, I think the opposite certainly is encouraging. I think there are probably a couple or three reasons in both international and domestic that is pushing forward the PMI index. I think the international will be witnessing the improvement in the US and the European economy which are both good news for Chinese economy. On the other hand, I think some of the stimulate packages or some of the encouraging news is pushing up some of the demand of Chinese domestic consumers which are also doing some favor to Chinese economy growth.

Zhu Ning: I think really depends. I think people are still arguing about whether the rebound is due to the structure of the reform that has been rose out in the past few months or is just a picking up from the stimulate packages that have been rose out since last year. So I think given the uncertainty in the global financial system. I think it takes some time before we can see clearly whether this rebound or this recovery is sustainable.

Zhu Ning: Well, I think there are some flash demand especially from the manufacturing trying to fill up their immensity. And I think that the bigger factor or the longer-term of the determinant factor will be whether the Chinese consumers will pick up and provide enough growth drivers to Chinese economy.

Zhu Ning: Yes, I think the US is tapering off of the quantitative easing for the primate driver of the release of decline of the Asian markets. However, there is not forget that whether many of the emerging markets in India and Indonesia are being included. They are dealing with their own share of the domestic problems such as high inflations or high unemployment. So I think there are also some domestic reasons and also I guess there are some investor sentimental issues. And recently, I think more and more investors are becoming concerned with the emerging economies and many fear that the worse things have not yet come. So we are seeing more and more investors will relocate their assets in a way from emerging markets back to the US or other developed economies.

Zhu Ning: I personally don’t think China will have to worry too much about the outflow in its foreign reserve at the moment. And after all, China has over three trillion Dollars of foreign reserve at the moment. So it does not have to concern itself with the balance sheet. There have been said I think China would have to pay more attention to a further reform in its economy and the financial system. So, there is not a lot of sustainable imbalance in balance sheet and capital flow side.

Zhu Ning: Well, I think, with the tapering off of the quantitative easing in the US, I don’t think there will be a lot of shift throughout the rest of the year. I guess there will be very weak outflows in FDI throughout the rest of the year.