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Hong Kong and China and the global recession

Author

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  • Janet L. Yellen

Abstract

Hong Kong and China are recovering impressively from global recession thanks to effective stimulus programs. But authorities worry that expansionary U.S. monetary policy may fuel asset bubbles in their economies. In the long run, the recession may nudge China toward increased domestic consumption by highlighting the risks of export-driven development. This Letter is adapted from a report by the president and CEO of the Federal Reserve Bank of San Francisco on her visit to Hong Kong and China November 15-21, 2009. Each year, the president of the San Francisco Fed joins the Federal Reserve governor responsible for liaison with Asia on a fact-finding trip to the region, in keeping with the Bank's objective of developing expertise on issues related to the Pacific Basin.

Suggested Citation

  • Janet L. Yellen, 2010. "Hong Kong and China and the global recession," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue feb8.
  • Handle: RePEc:fip:fedfel:y:2010:i:feb8:n:2010-04
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