Wellink on China's rise, impact on Western economy

In the speech 'China's rise and its impact on Western economies' given on 3 October Nout Wellink of the Netherlands Bank said the world economy is increasingly integrated. Therefore, China's rise transmits shock waves to Western economies as that country continues to develop and prosper.

"Europe will face tough competition. New possibilities will open up for European firms, but Europe's production of labour-intensive goods is likely to come under pressure," Dr Wellink said.

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