European debt crisis will not translate into the global economic crisis.

<P> Katzman, chief economist at JP Morgan Chase (Bruce Kasman) and the chief market strategist at Loews (Jan G. Loeys) recently in Beijing for the China Securities newspaper interview that the debt crisis in Europe will not fully translate into .The global economic crisis, A-share market the next 6-9 months will have good performance. .</ P> <P> economic growth worries </ P> <P> Katzman noted that the main reason for global economic growth from emerging markets, increased demand for commodities, developed countries such as consumption gradually recovered. .He expected the core rate of the United States and the euro area will drop to historic low of 1%. .Major economies, fiscal and monetary policy normalization process will be taken only small steps. .Now global inflation is relatively low, the year the Federal Reserve, European Central Bank and the Bank of Japan will not raise interest rates. .</ P> <P> when asked about China's economic growth forecast, Katzman said it expected GDP growth in China, 2010,2011 8.7%, 7.3%, China's growth rate would become relatively more moderate. .</ P> <P> Katzman also said the global economic recovery also reveals hidden, "This is reflected in all aspects, including the labor market, public finance policies and what the credit market and so." </ P> <P .> He pointed out that the implementation of all major economies, long-term low interest rate policy, making the emerging economies, policy control more difficult, which also led to weak job market, the deficit at a high level, the impact of developed markets vulnerable to effects of such policies. .In addition, although the euro-zone policy makers to curb the financing crisis, but they have not estimated the subsequent sustainability issues. .While he considered the debt crisis in Europe will not fully into the global economic crisis, but for the developed market economies, Katzman from the medium-term perspective still hold more pessimistic mood. .</ P> <P> for the current financial market fluctuations, Katzman said the one hand, fears that the European sovereign debt crisis caught the country can long-term sustainable development; the other hand, the United States is trying to pass legislation on the financial .regulatory reform, the market also worried about the future direction of policy development may lead to uncertainty, "the pressure of this fact in recent weeks in the U.S. and Europe reflect the obvious, so there are more low-risk assets to .conversion of investment initiatives. " .</ P> <P> A medium-term bullish stock market </ P> <P> Loews also said that the debt crisis in Europe did not translate into the global economic crisis situation. .In asset allocation, he optimistic about the European currency assets, the proposed small cap holdings, cyclical stocks and value stocks, taking into account the holdings of Europe, the German Dax Index. .Policy tightening in emerging markets due to fears for his evaluation of emerging market equities to "neutral." .In terms of foreign exchange and commodities, he suggested that short the euro, in general do more commodities, metals holdings, gold, WTI crude oil and platinum. .</ P> <P> for holdings present, "stumble endlessly," the European stock, Loews that on the whole world developed economies to maintain a good level of development, and interest rates at relatively low levels, "particularly in Germany .Manufacturing prospects are good, then given the current situation of a weak euro, now is a good buying opportunity. " .</ P> <P> talking about China's A share market, Loews said the medium-term bullish. .He believes that despite concerns about tightening the market, but good fundamentals, the stock market is expected to Asian markets including China in the next 6-9 months will have a good performance. .He suggested including manufacturing, including the holdings of cyclical stocks. .</ P> <P> the RMB exchange rate, Loews said that the RMB against the U.S. dollar at least will not be rapid appreciation, but, overall, especially given the current weakness in the euro, the future trend of RMB appreciation is the event. .</ P>.