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Stable Chinese economy benefits entire world (2)

(People's Daily Online)

17:06, July 17, 2012

The economic slowdown has forced Chinese companies to explore new growth points and increase investment in technological innovations, so they will adapt to the needs of a new round of industrial development.

Furthermore, low inflation has created favorable conditions for reforming the production factor price formation mechanism. In this sense, the economic slowdown and low inflation have provided a time window for China to accelerate transforming its economic growth model.

Badmouthing or overly exalting the Chinese economy will not affect China’s choice of economic policies for the next stage of development. The Chinese government will make efforts to avoid a hard landing in its economy, and will not help certain countries out of the debt crisis at the expense of the sustainability of its own economic development.

At present, most emerging markets are facing economic slowdown risks due to the sovereign debt crisis plaguing developed countries. In the medium term, the ongoing sovereign debt crisis is a continuation of the global financial crisis. Developed countries still have a long way to go in deleveraging.

The economic slowdown has forced Chinese companies to explore new growth points and increase investment in technological innovations, so they will adapt to the needs of a new round of industrial development.

In order to regain robust growth, the sluggish world economy must meet at least two conditions, namely complete deleveraging and new growth points. It is impractical to expect the Chinese economy to maintain pre-crisis rapid growth in the current period of global economic adjustment.

The Chinese economy is facing downward pressure and complicated situations at home and abroad. In such a context, China must prepare itself for unexpected dangers, improve self-confidence, and make efforts to maintain stable economic growth. By accelerating transforming the economic growth model, the country can better prepare itself for a new round of world economic growth.

China has made great contributions to global economic recovery, and will play a more active role in a healthy world economy.

Read the Chinese version at: 中国稳增长具有世界意义, Source: People's Daily, Author: Zhong Sheng


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