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People's Daily Online>>China Society

Don’t be scared by doomsday predictions

(Global Times)

09:14, December 09, 2011

The yuan has gone through seven days of consecutive depreciation, sending confusing signals around the world. The doomsday prediction for China's economy has resurfaced again. It appears that uncertainty has become a popular tune in evaluating the country's economic future.

Yet the rules may be unfit and the results inaccurate when measuring China's large scale economic growth by Western concepts. The economic components in the West are much simpler, while business activity and implication here in China are more complicated.

For instance, a market crash may bring a much stronger impact in the West than to China. The same applies to the depreciation of a currency. China will feel it differently from its Western counterparts.

The economic foundation of Western society is actually quite limited compared to an enormous financial system it is supporting. This has made its structure more vulnerable and fragile. China, however, is the opposite. Although its economic foundation is not that sophisticated, it is vast in scale.

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