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As the pandemic dealt a double blow on economic and financial fronts, the international community has largely reached a consensus: The global economy is heading for a recession this year, the degree of which may be as deep as the 2008-09 financial crisis, if not worse.

As should have been expected, this bet on risky investments did not work and many S&L banks went bankrupt. Since the deposits were insured by the government, the taxpayers were on the hook to pay for the S&L banks' losses, which amounted to more than 2 percent of GDP.

As the 2017 China-Russia Forum: New Media-Youth Collaboration approaches, five university students are in Russia to work with 11 young partners there to prepare for the event.

As structural deleveraging is mainly directed against the current imbalance in China's economic development, Kang said leverage should be moderately increased in infrastructure investments on areas such as roads, railways and sewer systems and further reduced in industries of overcapacity and low efficiency.

As the host of next year's APEC meeting, Malaysia will grasp the opportunity to promote innovative development of SMEs in the region and work to enhance their global competitiveness, he said.