We wonder if there is no one who can come up with an alternative to QE to address the current situation. Worse still, since many major economies have resorted to QE, other voices have practically been stifled, especially voices opposing QE. In other words, QE has become a policy that many global economists take pride in.

QE does have a positive effect on economies that adopt it, but it will also put pressure and have a negative effect on other economies.

The latest move by the ECB will not put the U.S. economy at major risk given its current strong recovery, but will impact emerging economies like China. China's exports to Europe will encounter tremendous pressure and its entire economic recovery will be disrupted.

The reduction of the interest rate by the ECB may also force China to reduce its interest rates, deposit deserve ratio and indirectly carry out QE, thus placing larger risks on its micro stimulus and adjustment and control policies.

Of course, China may also choose not to make any adjustments unless major fluctuations occur. Given the current situation, though China's Europe-bound exports may be affected, the strong recovery of the U.S. economy will have a positive impact on China's exports. Thus China should continue with its focused adjustment and control policies and micro stimulus policies.

The author is a current affairs commentator at China.com.cn.

The article was translated by Zhang Lulu. Its original version was published in Chinese.

Opinion articles reflect the views of their authors, not necessarily those of China.org.cn.