By Hu Guangyao, Han Wanning

    CHICAGO, July 9 (Xinhua) -- Although the U.S. economy has recovered from the worst of the crisis, there is still a long way to go, according to Leo Melamed, who is recognized as the founder of financial futures markets.

    In an exclusive interview with Xinhua on Wednesday at his office in downtown Chicago, Melamed, Chairman Emeritus and a board member of Chicago Mercantile Exchange (CME) Group, Inc., said: "Today most people agree with Chairman (Chairman of the Federal Reserve) that the economy is bottoming out and we'll see recovery in the second half of the year. I don’t think that."

    I think it is still going to be a very long time. We have of course recovered from the worst of the crisis, which was very dangerous early in this year. So that is behind us, but as far as recovery goes, when could you say everything is ok again? I think it will take another year or more."

    Asked to comment on the stimulus package of the

    Obama administration, he said: "I am not that much in favor of the plan -- that is to nationalize banks, or give too much money away that will be a burden to our people in later years."

    When talking about China's role in the recovery of the world economy, he said: "China is the most important partner in the world economy because it is one of the largest economy force today.

    "China has to create an economic demand within China so that it is not so reliant on export. But that will take time, that will not happen soon, like in a week, a month or a year," Melamed added.

    Melamed was named chairman of the CME in 1969. Under his leadership, the CME launched currency futures and created the International Monetary Market (IMM) in 1972. The CME also introduced a number of financial instruments, including futures

    on US Treasury Bills and Eurodollars. In 1982, the CME introduced the first stock index futures. In 1991 he founded his own consulting firm, Melamed & Associates.

Special Report:  Global Financial Crisis