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G20 London Summit > Commentary
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World should reassess China before naming it savior(Xinhua)
Updated: 2009-04-01 18:33 Undoubtedly, China's stable and fast growth would contribute to the world economic recovery. However, it's not realistic to expect too much from the country in terms of dealing with the crisis, or even count on China to pull the world out of recession. It's similar to charging a colt with an overwhelmingly big carriage and hoping it to drag the cart along. As prominent Chinese economist Fan Gang put it, as a developing country, China's economic recovery will have positive, but limited, affect on the world economy, which will pull out of downturn only after the recovery of major economies. China is facing "unprecedented difficulties and challenges" this year, as stated by Premier Wen Jiabao in his government report delivered to the National People's Congress last month. Wen told the Financial Times newspaper, "I firmly believe that running our own affairs well is the biggest contribution to entire mankind." Likewise, maintaining China's sound economic growth is in itself a major contribution to global financial stability and economic rebound. When speaking of running its own affairs, China does not mean protectionism or limited trade cooperation. To demonstrate its opposition to trade protectionism, the Chinese government sent Chinese companies on procurement missions to Europe and made purchases worth 13.6 billion US dollars. In an effort to offset the waning exports, China is striving to enhance domestic consumption, especially consumption in the rural market. The benefit, however, will not only go to China, but also foreign investors and the whole world. Unlike the US and some European countries, who invested hefty money to rescue the ailing financial sector, China's 4-trillion-yuan spending is invested in the real economy to improve people's livelihood, which, in turn, also provides access for foreign investors to the huge market. China's stance proceeds from the country's actual condition. It should be obvious to anyone who does not take a distorted view of China. Managing well its own affairs first will help, but not deteriorate, the current situation -- which should be the basic requirement for every major economy. |
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