The recently created quarterly multi-country/regional macro-econometric model，MCM_QEM，has behaved quite well in both static and dynamic simulations within the sample period. Applied to 6 countries/regions in the model，its forecast errors are no more than that of the international organizations. The scenario analysis based on MCM_QEM reveals that special attention should be paid to the effects of Euro area economic fluctuation on Chinese economy because of the large share of Euro area in China’s foreign trade.