The Word from the Global Times on China's Economy

[Randy W]

Keep positive amid economic slowdown

 

http://www.globaltimes.cn/content/801739.shtml#.UgBS4NIwd2E

 

Casting doom on the Chinese economy has been prominent among Western opinions. The US Nobel-winning economist Paul Krugman thinks that "the Chinese model is about to hit its Great Wall."

But at the same time, there have been opposing voices: is a GDP growth rate of 7.6 percent a small one? If China is encountering a crisis with a 7.6 percent growth rate, how are other countries faring?

A middle way between the two different voices may be more practical.

No one would deny that China's economy is facing numerous difficulties in its restructuring process, which cannot be solved through reckless action. Such a situation is not a strange one in China's three decades of reform and opening-up.

From lack of resources to serious inflation, from heavy losses of State-owned enterprises to difficulty finding employment for laid-off workers, China's economy has kept people worrying, especially since the Internet came into people's lives.

The government has taken serious actions on the economic structure this year. As the economy comes under pressure to slow down, the government no longer promotes large-scale stimulus plans, and the central bank does not issue currency any more.

The slowing of economic growth is not due to the collapse of China's economy but reflects slow progress in its strategic initiatives.