China has proved ability for crisis management

Special Report:Global Financial Crisis

BEIJING, Feb. 5 -- All countries are struggling with the global financial crisis as it worsens. Hoping to reduce to the minimum the impacts of the crisis on its own economy, China has worked out a string of forceful measures over the past months.

The country has loosened its previous prudent

monetary policy and increased fiscal spending on infrastructure construction. At

the same time, some stimulus packages aimed at reactivating slackened domestic

demand have been launched to ensure the country achieves an 8 percent economic

growth this year.

Although lower than in previous years, such an

encouraging growth target is particularly outstanding in the context of

widespread low expectations by other major countries.

Confidence-building remains pivotal to overcoming the

ongoing financial crisis. The central government's strong determination and a

raft of measures it has adopted to grapple with the crisis have not only

enhanced Chinese people's confidence in fighting hardships ahead and recovering

economic momentum but have also transmitted a very positive signal to the

market.

However, at a time when the Chinese government

mobilizes available resources to tackle the ongoing crisis, international

opinions on China's economic future show a sudden shift from the previous

optimism to pessimism.

In a report in this year's global economic outlook

published by the World Economic Forum, the prospect of a steep decline of

China's economic growth was considered to pose one of the largest risks to the

global economy.

Similar conclusions were echoed by quite a few

Western economists. Some Western media outlets have even gone further in their

China coverage, throwing deep doubts over the country's determination to meet

the 8 percent growth target.

The Western world bases its pessimism on China's

economic prospect on the premise that the country's rapid growth in the past

decades is closely related to its large-scale exports.

However, as the world's economy plunges into

recession, which, in the pessimists' eyes, will inevitably result in a declining

demand for the "made in China" products in the U.S. and European markets,

China's economy will certainly slow down from its past fast-growing pace.

Such a conclusion reflects to certain degrees the

economic predicament some of China's provinces have encountered. But this view

also seriously underestimates the Chinese government's determination and ability

for crisis management.

The government's ability for such tasks was fully

demonstrated in its handling of a series of natural disasters from a paralyzing

snowstorm early last year to a destructive earthquake rocked the country's

southwestern Sichuan province in May. In the face of these ruthless natural

catastrophes, China did not scale down its hosting of a high-profile Olympic

Games which the country has long promised to the whole international community.

As in dealing with a natural disaster, tackling the

ongoing financial crisis better needs a strong organizing ability of the

government and active public participation. China's advantage in this regard

allows no room for skepticism. However, due to their deep-rooted ideological and

political prejudices, Western media usually sidesteps China's system superiority

in their coverage of the country. On the contrary, all derogative words are

often used to defame it.

The country's rapid development was projected as its

ambition to compete with the Western world to prove that "China-style autocracy"

is superior to "Western democracy". Such an ineradicable bias leads the skeptics

to amplify some problems in China's development.

Compared with their Western counterparts, Chinese

media, however, have mainly focused on positive coverage of other countries in

the hope of gaining valuable experiences or lessons for China.

Since the reform and opening up, Chinese leaders have

reaffirmed on many occasions that the country is committed to absorbing and

learning any useful experiences from other countries, including those from

capitalists.

Such a stance best demonstrates Chinese people's

consciousness that our country is still in the initial stage of modernization

and desperately needs to learn from other civilizations. Part of China's great

progress in the past decades was also made in the process of its endless

learning from others and correcting mistakes. Learning and self-correction are

also the essence of the country's reform and opening up policy. China's

long-reiterated adherence to this policy also indicates its sober realization

that its established systems need further improvements.

Westerners have not always been so cocksure and

critical of China's development as now. As early as in the 18th century, a

cultural renaissance was launched in the European Continent. A number of

forerunners of the Enlightenment shifted their attention to the far-flung,

ancient land of China for learning and absorbing some useful ideas. The

introduction of some viable Chinese ideas did help Europe extricate itself from

the long-established feudal bondage and set up a modern state system.

Certainly, with its unique cultural backgrounds, some

of Chinese systems and experiences cannot be transplanted in other countries.

However, intentional denials or vilification of the great achievements China has

made will prove unhelpful for their own development.

(Source: China Daily)

Chinese premier expresses confidence in weathering crisis, calls for cooperation

Chinese Premier Wen Jiabao (R) receives an interview by Lionel Barber, editor of the Financial Times, in London, Britain, Feb. 1, 2009. Wen is on a three-day official visit to Britain, the last leg of his week-long European tour. (Chinese media/Yao Dawei)
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LONDON, Feb. 2 (Chinese media) -- Chinese Premier Wen Jiabao said Sunday that he is confident China will weather the global economic crisis, calling for cooperation to tackle the financial storm.

The confidence comes from a correct judgment of the current situation, Wen said in an interview with the Financial Times. Full story

Expert: China not to blame for crisis

BEIJING, Jan. 16 --The global credit bubble started with U.S. policies rather than the savings of China and oil exporters, a leading World Bank economist said.

"The global credit bubble started with U.S. policies," David Dollar, World Bank's country director for China, said in an exclusive interview with China Daily Thursday. Full text

U.S. blame game cannot change facts of financial crisis

BEIJING, Jan. 7 (Chinese media) -- Plagued by the financial crisis that originated in the United States, the world economy has been thrown into chaos. While countries are battling the crisis, outgoing U.S. Treasury Secretary Henry Paulson has been playing a blame game.

Paulson said a failure to address the rise of emerging markets and resulting imbalances was partly to blame for the global financial crisis. The current U.S. Federal Reserve Chairman Ben Bernanke is also part of the game. He sees savings from countries like China as a cause of the property bubble in the United States. Full story

Wen blames debt-fueled consumption

Chinese Premier Wen Jiabao speaks at the World Economic Forum annual meeting, in Davos, Switzerland, on Jan. 28, 2009.(Chinese media/Yao Dawei)
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DAVOS, Switzerland, Jan. 28 (Chinese media) -- The following is the full text of Chinese Premier Wen Jiabao's speech here on Wednesday at the World Economic Forum Annual Meeting 2009. Full story