At best it is likely to cause a continuation of the low growth scenario, persistently elevated levels of unemployment, and in the context of ageing populations in Europe, even further pressures on the fiscus. The current social unrest being observed in many parts of Europe is an outcome of this.
Nevertheless, given that China and the United States differ in political systems, traditions and cultures, the PBC Shanghai Head Office has been established taking into account China’s specific situation. As an integral part of the PBC Headquarters, the PBC Shanghai Head Office will perform its functions under the guidance and authorization of the PBC Headquarters.