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Speaking at an ET GBS session on “Froth in the global economy”, Xie said that the key for development in East Asia is to trade among them to become richer.

Dubbing the United States as a destabilising force, Chinese economist Andy Xi stated that the present financial bubble is largely because US dollar is a reserve currency which is being supported by East Asian currencies where production and savings happen.

Suggesting India to create economies of scale to become wealthy, Xie – a Shanghai-based leading independent economist specialising in China and Asia – said, “West is becoming a destabilising force. It is an unfortunate reality we have to live with for long.”

Speaking at an ET GBS session on “Froth in the global economy”, Xie said that the key for development in East Asia is to trade among them to become richer.

“Business as usual approach will not work anymore. All economies will have to think differently and create their own roadmap for creating economies of scale and efficient as only this can lead to wealth creation as has been done by China,” said Xie.

Over the bubble in global financial market, the Chinese economist predicted that this year the market is going to be volatile since liquidity is not there.

Claiming that the bubble in the global market is because of the Donald Trump led United States, Xie said, “To burst this bubble Chinese currency has to go up. Unless China appreciates its currency other East Asian currencies will not go up.”

Stating that managing economy with financial markets is not sustainable, he said, “It will give you some growth but that will be for a short while and would not be big enough.”

Over the recent stock market collapse, Xie said, “The current stock market bubble is much greater than on those three occasions. When the real crash comes, it will be worse.”

The Hang Seng Index fell by over 70% in 1997-98, while the S&P 500 did something similar in 2000 and 2007.

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