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Die Welt - Germany | Tuesday, August 17, 2010

The West will benefit from China's recovery

Demographic developments in Europe make China's growth of major long-term significance, writes the conservative daily Die Welt: "Germany, France and Japan may be rich economies, nevertheless they're losing in vitality because their populations are ageing and shrinking. ... On average elderly people save less, in fact they tend to divest themselves of their savings. But they also consume less than younger generations. ... The more Europe's ageing patterns shift in favour of the elderly, the more we will depend not only on demand from the emerging countries, but also on technological progress in China or India. Because a growing number of well-educated young people in the emerging countries means a corresponding increase in the potential for brilliant ideas and inventions. Technological progress in China is already gaining speed - and in a closely networked world the industrial nations stand to benefit from this development."

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