In my view, the degree to which the U.S. economy continues on this path of solid employment creation as well as the normalisation of its monetary policy, will be key in determining how global economic developments unfold in the period ahead. Equally important for the shaping of the global economic outlook are developments in China.
The Chinese economy has been experiencing a gradual transition to a new growth model. In this context, growth is undergoing a gradual slowdown which is in line with the new growth target range, yet it continues to be underpinned by policy support as well as by a rapid credit expansion.