It is reported that the US economy began pulling out of recession in August. The US consumer confidence index reached 54.1 in August, a better than expected 6.7 points higher than in July, and a record since May. We should, however, note that the US recovery is a bit later than other economies in this recession.

China's rebound began in the first quarter of 2009. Its GDP growth in the first half year rose by 7.1 percent over the same period of last year. Major economies in East Asia have, in general, seen recovery in the second quarter, including Hong Kong SAR with a 3.3-percent rise, Singapore with 20.7 percent, the Republic of Korea (ROK) with 2.3 percent and Japan with 3.7 percent. In developed countries, only Australia, Germany and France saw a slight growth while negative growth prevailed in the European Union, the US and the UK.

In the earlier economic crises, the US played a leading role in bringing the world economy back from brink. This time it is different. It is China and other East Asian emerging economies that first rebounded, and led import and export worldwide and global consumption to recovery. Since the second quarter of 2008, the US economy has contracted for four consecutive quarters by 3.9 percent - the worst since the 1930s.