China's recovery vital to global upturn: S. Korean business chief

SEOUL, April 7 (Yonhap) -- China's economic recovery will be instrumental in putting back the battered world economy back on track, the head of a major South Korean business organization said Tuesday.

The global economy is expected to shrink by one percent in 2009, which would mark
the first annual contraction in 60 years, the International Monetary Fund (IMF)
said earlier.
"A recovery in the Chinese economy will be the key to global economic recovery,"
said Cho Suck-rai, chairman of the Federation of Korean Industries.
"The Chinese government's 4-trillion-yuan (US$585 billion) stimulus package will
certainly help the global economy get out of its recession," Cho said at a
meeting with visiting Chinese Communist Party propaganda chief Li Changchun.
Despite rising unemployment and slumping trade worldwide, hopes for a recovery in
the global economy rose after the Group of 20 industrialized and emerging nations
agreed to put $1.1 trillion into global financial institutions such as the IMF to
fight the global recession.
Early last month, IMF managing director Dominique Strauss-Kahn said a recovery in
the global economy may be possible in the first-half of next year if the right
policies are adopted.