Long-term perspective needed to assess China's economy (3)

Behind the economic slowdown are some achievements the Chinese government has made over the past few decades, including greater balance among the primary, secondary, and tertiary industries as well as accelerated elimination of backward production capability.

China's economy is showing many positive signs. Data for September and October show that the Chinese economy is stabilizing, and will continue its upward trend in the fourth quarter.

Properly valuing the development trend of Chinese economy and viewing its development potential and space should be done from the long run and perspective of history, rather than according to temporary and fluctuant data. Since the Reform and Opening up, Chinese economy has made considerable progress.

Socialist market economy has become more mature and perfect, with the reserves of capital, technology and talents as well as the confidence and experiences coping with all sorts of risks being unprecedented. China's financial condition remains well and the debt crisis and "fiscal cliff" in the United States, Europe and Japan will not appear in China. A large number of facts and data show that China still has huge potential in economic development.

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