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Commentary: Have confidence in China

(China Daily)

09:34, November 07, 2012

Macroeconomic policy coordination and cooperation to go on with other countries for strong and sustainable global growth

Recently the world has been keeping a close eye on China's economy, especially after the National Bureau of Statistics released the economic figures for the third quarter in mid-October. Some people have seen positive signs, while others, the danger of a hard landing. Some even claim that China is on the edge of an economic crisis or could fall into the middle income trap. In response to this it is necessary and important to see the true picture.

It's true that China's economy grows in a complex environment. But this situation should be viewed combining both external and internal factors. As to external factors, China's economy, which is deeply integrated in the global village, cannot be decoupled from the global economic fundamentals. This means China's economic slowdown can be partly attributed to the lackluster recovery of the United States, the European Union, Japan and other major developed economies; their insufficient credit and effects of their economic and financial policies; the overflow of global liquidity combined with the competitive devaluation of currencies as the result of those uncapped accommodative monetary policies; and in general the sluggish global demand and economic growth.

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