Cer­tainty in un­cer­tain times

China Daily (Hong Kong) - - COMMENT - — PEO­PLE’S DAILY

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.

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