This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.
Hello, I'm Saijal Patel from CNBC and you're watching "Asia Market Daily".
The U.S. Federal Reserve has kept interest rates at a record low, and has vowed to stick with its controversial bond-buying program.
But what's in store from the Fed in 2011? Markets are pricing in a rate hike in December next year.
But Diane Swonk, who's named as one of the top forecasters in America by The Wall Street Journal, is tipping the central bank will stay on hold for longer.
(SOT) Diane Swonk, Chief Economist, Mesirow Financial:
"If the economy really surprises on the upside, and we get reduction in the unemployment rate down below nine, kind of hard to say that that's where we're going to be, but if we get lucky and below the nine percent handle, and get inflation back in the core level up above one percent again, I think that would allow the Fed to start raising rates, but I actually think it's going to happen in early 2012 right now."
Swonk expects GDP growth to accelerate, consumer spending to pick up and business investment to grow at double digit pace next year.
However, according to former junk bond king Mike Milken, America needs to accept the fact that it may one day lose its crown to China.
(SOT) Mike Milken, Chairman, Milken Institute:
"China we have to accept the fact is going to have a larger economy than the United States, whether it's 12 years, or 25 years, time will tell."
Thanks for watching "Asia Market Daily".
I'm Saijal Patel from CNBC.
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