Certainty in uncertain times
In the context of “certainty” being a scarce resource, the general tone set by the just-concluded Central Economic Work Conference to pursue “sound and steady” economic development next year has undoubtedly eased market fears. Many international observers have picked up on the positive messages emanating from China’s tone-setting conference and interpreted them as signs of continuity in China’s macroeconomic policies that will offer other countries many obtainable “opportunities”.
Stephen S. Roach, senior fellow at Yale University and former chairman of Morgan Stanley Asia, pointed out not long ago that China has contributed more to global economic growth than all the developed countries combined.
As a leading locomotive of the global economy, China’s continuing efforts to deepen its supply-side structural reform are expected to bring other economies more development dividends, because China’s sound and steady development lubricated by these efforts will create a broad market, ample capital, abundant products and precious cooperation opportunities.
As the world’s second largest economy, China is gradually adapting to its role as a game changer, a guider of global economic governance and a builder of a new world economic order. Whether through the G20 or APEC or other multilateral platforms, China is committed to working with others to help boost global trade and investment and facilitate trade liberalization, so the world can emerge from its lingering economic slump.
In this sense, the sound and steady advancement of China’s economic development will inject much vitality into efforts to kick start a global economic recovery.
And with international order undergoing profound changes, there is an opportunity for China to become a guardian of globalization governance and a torch bearer of the open trade system.