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Watching China from the perspective of reform

By Jin Chen (People's Daily Online)    13:47, August 28, 2015

(File photo)

An email from Tim Cook to 'Mad Money' television host Jim Cramer helped calm investors and save Apple nearly 80 billion dollars in its market value this week. According to a report of Financial Times on Aug. 25, Apple Inc's chief executive officer Tim Cook said in an email that Apple's business in China was continuing to experience strong growth. Cook also said before that he was very optimistic about Chinese economy, and the market fluctuation was just a "deceleration strip".

On the same day, Michael Bloomberg talked with a Chinese reporter about the smiles he saw in Beijing's streets —most people are happy. He meant that, between the lines, looking at current Chinese economy, "don't always think it as the end of the world, media are used to focusing on the problems."

At present, Chinese economy is at a specific stage: China has to deal with the slowdown in economic growth, make structural adjustments, and digest the effects of the previous economic stimulus policies all at the same time. The economy has developed into the "new normal".

Not long ago, China released news about the adjustment of the central parity rate of the RMB against the US dollar, and the RMB exchange rate fell along with it. However, fundamentally speaking, it is rational to comply with the international financial market — the marketization of the formation mechanism of the RMB exchange rate will be more beneficial to the long-term stability. Voices from the International Monetary Fund show welcome and call it "the monetary gift for peace". In addition, people should see the lightspot of the adjustment of China's economic structure — the proportion of service industry has been climbing continuously. Chinese economy not only relies on the expansion of industrial output, investment and export, but also relies more on the expansion of personal consumption.

China commits to comprehensively deepen its reform with great courage, while the world need to watch China from the perspective of reform.

This article was edited and translated from 《观察中国离不开改革的视角》, source: People's Daily.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Jin Chen,Bianji)

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