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China’s path gives global economy hope

By  Li Ling (Global Times)

10:55, February 05, 2013

At the recent 2013 World Economic Forum (WEF) in Davos, China tops the agenda. The agenda on the first day was about China's growth. When I opened the thick handbook, all I could see were China-related topics. This has never occurred in the history of Davos.

WEF Chairman Klaus Schwab told me the arrangement was made in response to feedbacks from participants.

Hot discussions about China were not only reflected in the 115-page agenda, but also at forums where China was not the main subject but was constantly mentioned.

The theme of this year's Davos was "Resilient Dynamism." Currently, the prospect for the recovery of developed economies is still gloomy. Though there have been signs that economies in Europe and the US are rebounding, real reforms are few, which means that the mechanisms that caused the financial crisis haven't been changed.

Meanwhile, almost all developed countries have overdrawn their fiscal expenditures and are not able to do anything more.

China has brought confidence and hope to a global economy that is still stuck in the mud. China's economy is developing fast in the transformation process.

In 2012 when it slowed its growth rate, it still maintained a growth rate of 7.8 percent. It is expected that the figure will be about 8.2 percent in 2013.

This trend has been admired by many. When I attended various forums and communicated with participants, they all spoke highly of China's economic development.

Of course China has its own problems. When I discussed with experts about the problems and solutions, I often heard that every country has problems, and different problems come at different times. The changes China has experienced these years show that it has the capability to solve its problems.

Some politicians also praised China for its plan-making, governance and implementation capabilities. CEOs from transnational corporations believed that the Chinese branches have developed the fastest and have the most potential.

When the world's economy is full of uncertainties, confidence is the most vital thing. The scale of China's reform and development is one of the largest in human history. It not only brings vitality to the sustainable development of the world, but also brings confidence and hope.

As an alternative to the Western development mode, China's path is injecting more and more positive energy to the world.

The author is a professor of the China Center for Economic Research of Peking University.

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