Emerging nations like China, Brazil and India - and not the US or Europe - will have to lead the world out of the economic slump. - Inspired by Tom Redburn

According to business executives, government officials, and economic experts who congregated earlier this week at the Global China Business Meeting to discuss China’s role in the global economy, it will take China and other emerging nations to lead the world out of what will probably be a long and intense recession. "The emerging countries are the solution to the overall global slump,” said Josep Piqué, chairman of Barcelona based budget airline, Vueling.

China, Brazil, India and other large emerging nations represent about 30 percent of global G.D.P.

But according to the New York Times' Tom Redburn, not everybody is confident that China and Asia’s other fast-growing countries will be able to spur a global recovery.

"China cannot replace the U.S. economy as the engine of global growth,” said Chang Dae Whan, chairman of Maeil, a South Korean newspaper company. “We’re going to need a huge stimulus package from the United States, on the order of $2 trillion, to get the global economy out of the financial crisis. So far, we’ve only seen about $700 billion. As a result, next year I expect to see more pain and fear.”

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