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08/04/1998 14:39:18 Summers-Japan success crucial for world economy

MILWAUKEE, Aug 4 (Reuters) - Japan's success in solving its

economic problems is crucial for the rest of the world economy,

Deputy Treasury Secretary Lawrence Summers said on Tuesday.

Summers, speaking to the National Governors' Association,

also said Russia's economic problems had the potential to

affect other countries. China recognized the need to hold the

yuan currency stable, he added.

Treasury released a text of Summers' comments in advance.

"Japan's actions to fix its problems and to get its economy

growing are crucial to the future to the world economy,"

Summers said. "Japan, the world's second largest economy, has

been mired in recession for seven years and faces banking

problems several times larger than our own savings and loan

crisis in the early 1980s."

Summers said a stable Chinese currency was critical to the

maintenance of economic stability across Asia, but stressed

that the Chinese authorities were aware of that.

"The Chinese have recognized that their continued

commitment to addressing their financial sector problems and to

maintaining a stable currency will be critical to the stability

of Asia," he said.

He added: "In Russia, continuing structural problems have

been exacerbated by contagion effects from Asia... Russia's

trouble, in turn, has the potential to become central Europe's

and the world's."

((Washington newsroom, +1 202 898-8310, fax +1 202

898-8383, washington.economic.newsroom@reuters.com))

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