3 Integration of China and other high-saving economies into the global economy The second force has to do with the rapid rise of China and other low- and middleincome economies. Saving rates in many of these countries were high in recent decades.
The effectiveness of these policies over time will depend on the extent to which other factors reinforce or counteract their positive impacts. There is, therefore, no room for complacency as several risks and uncertainties lie ahead, including the extent and duration of the deleveraging process in the banking systems as well as in the non-financial sectors of a number of countries.