Three are the major risks concerning China, stemming from: a) its lower growth prospects, b) significant capital outflows, and c) rising private debt. China is beginning to rebalance and consolidate its economy. Services now account for 51% of GDP and consumption’s GDP share is rising, while the current account surplus dropped to 2.7% from 10% in 2007.
Finally, in the United States and Canada, we are still working through the corporate governance issues that have contributed to this year’s financial market volatility. History has taught us that during periods of uncertainty, business and consumers tend to sit on their hands until the outlook is clearer. BIS Review 51/2002  3  Let me conclude.