CHINA CAN DO IT AGAIN! 中國可獨善其身平天下!

What China can do best is to maintain growth: Zoellick


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king Lee 2008-12-16 17:50
CHINA CAN DO IT AGAIN!

"What China can do best is to maintain its growth," Zoellick told reporters after a day's talk with Chinese key economic officials, adding that "it will not be easy given the downturn China is already experiencing in international trade".(quote and unquote)

Indeed this is plain truth that what China can do best is to ensure that the financial turmoil to maintain her growth at around 8% in 2009.

Though China is rich in forex reserve reaching USD 2 trillion, by don't forget that with a population of more than 1.3 billion, and average per capital income of not more than USD3,000,China is still classified as medium range developing country .These are the hard earn money of the workers by selling their hard-labour from tens of if not hundreds of thousand manufacturing plants scattered all over China ,and accumulated over the last 20 over years.

There is a good proverb aptly describing China situation of which the writer has corrected to suit the case"du xan qi shen peng tian xia" 獨善其身平天下(it means to say taking good care of oneself, is as good as safeguarding the interest of the world).

In this aspect, the writer earnestly wishes that China would stand by her commitment and obligation to the rest of the world that she would focus on her stimulating package to expand her domestic demand and spur domestic investment, not only expanding domestic consumption but also create more jobs,through her fiscal expansionary measures.

The writer feel that China can do it as domestic consumption only contribute to about 40% of her GDP, and Chinese people have the highest saving rate of the world of close to 40% the domestic market to be tapped is great, without unnecessarily resorting to depreciating RMB ,of which might trigger off a round of currency war with the regional countries, in the wake of failing demand from the US and EU consumers as a result of the on going financial tsunami.

China has did it during the 1997-98 Asia financial to stabilize the Asian currency crisis ,for sure this time around ,a much stronger,resilient and assertive China can do it again! to help herself and assist the world to stabilize the uncertainty!



Comments posted in China Daily(China official English Daily)by this writer.