China's economy out of downturn risk

09:50, October 29, 2010      

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The Chinese economy has completely extricated itself from the downturn risk that emerged after the outbreak of the global financial crisis in 2008 and is again on a steady and healthy track, the third quarterly economic data released by the National Bureau of Statistics (NBS) shows.

The 10.6 percent GDP growth rate in the first three quarters overshadows economic performances in the United States, other Western countries and even some emerging economies. It is expected that China's GDP growth for the full year will be 10 percent if it can maintain the current momentum in exports, consumption and investment, the three major engines for a country's economy.

The just-published economic data shows that the country's agriculture enjoys good prospects and there is expected to be a bumper harvest in the autumn. Despite occasional natural disasters over the past years, the country has still managed to achieve good agricultural production and there has been almost no time when its main agricultural products were in short supply. This is largely related to preferential government polices, the substantial improvement in agricultural efficiency and the increasing marketization of agricultural production over the past years.

However, there has arisen a worrying phenomenon in the country's agricultural development, as few farmers have really benefited from the agricultural boom or the rises in prices of agricultural products. In view of this, the most pressing problem that needs to be resolved is not how to ensure the statistical increase in the country's agricultural production, but how to redistribute the benefits of agricultural prosperity and determine who has snatched the lion's share.

The government should make a thorough overhaul of its past agricultural development formula in a bid to re-establish a path that can make farmers wealthier.

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