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Yearender: China, though not a savior, remains a bright spot in the fragile world economy

By Shuai Anning (Xinhua)

11:09, December 15, 2011

BEIJING, Dec. 15, (Xinhua) -- Three years after the outbreak of the global financial crisis, the world economy ends 2011 as fragile as ever.

Industrial nations are deeply mired in a substantial slowdown, high unemployment rates and a messy sovereign debt crisis, while emerging markets are carefully balancing their fights on inflation and fine-tuned easing measures to spur growth amid deteriorating external conditions.

But China, which officially overtook Japan as the world's second largest economy this year, has remained a much-needed bright spot in the world economy as growth in the country, though slowed a little, remains well above the global average.

With an enormous and highly competitive manufacturing base, China has long been dubbed the Global Workshop. But, with an increasingly prosperous middle class and ever expanding domestic demand, the 1.3-billion strong Chinese consumers are also creating one of the biggest markets for products from all corners of the world.

China's newly found role as a global market will be further cemented as the country firmly implements economic adjustment in light of the global financial crisis -- cutting its over-reliance on exports and fully developing the potential of the domestic market.

The process will prove not only to be a boost to the fragile world economy, but also a boon to the long-term sustainability of the Chinese economy.

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