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People's Daily Online>>Opinion

'China-bashing' lacks credibility (2)

By Tao Wenzhao (People's Daily Overseas Edition)

17:02, March 05, 2012

Schumann argued that since China followed the Asian economic model of investment-driven economy, and the other adopters of the model, Japan and South Korea, both experienced crisis, China is also sliding into the abyss of crisis step by step.

The logic of the Schumann's argument is a bit like "a crisis for everyone" - because the other Asian countries, Japan and South Korea have experienced crisis, China will hardly escape the crisis.

In fact, China's economic development is not following any existing model. For a country with such a huge population and such a weak economic foundation, China must strike out a path of development suited to its national conditions. This is manifested in Deng Xiaoping's policy of "crossing the river by feeling for the stones" and has been China's practice in the past 32 years.

Due to the limited space, it's unlikely to analyze the specific problems one by one mentioned in Schumann's article.

It is true that after these years of economic development, China is faced with a series of tough challenges, such as resource shortages, environmental deterioration, an aging society, insufficient domestic demand, excessive dependence on investment and labor inputs, and so on. These issues have been discussed for quite some time now in China, and this is precisely why we are promoting the scientific development concept and the "12th Five Year Plan" has made the adjustment in economic growth model as the main task. But the conclusion is that Chinese people can successfully implement the adjustment and sustain China's economic development. Not only can sustainable and high growth be achieved during the 20-year window of "strategic opportunity", but also can the window of opportunity itself be extended. This is the mainstream view internationally, as evidenced by the recent World Bank report.

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