Of course, market worries about a Chinese economic slump are not groundless. Burdened with debt overhangs, excess capacity, a high-leveraged property market, zombie state-owned enterprises and struggling banks, China is prone to being portrayed as the next victim of a crisis.
Such fears are overblown and based on outdated rationale. China doubters believe there is good reason and related history for the crashing of the Chinese economy, but the world's second largest economy is just too complicated to predict, due to its unique political, social and financial conditions.
Challenges and crises are not the same. The country's successful steps to cool a red-hot property market and keep the yuan stable this year demonstrate that the government has the administrative and financial resources to address imbalances without a disorderly adjustment.
While China's challenges should not be taken lightly, it continues to make encouraging headway on structural adjustments in its real economy, evident from consumption contributing to more than two-thirds of overall growth, and rapid growth in the services sector.
Most importantly, a China imploding is good for no one. China's economic growth contributed to over 25 percent of the world's total GDP. A sharp slowdown in the Chinese economy will send huge tremors across an already-shaky global economy with troubled trade and financial markets. It will not just be a crisis for China, but a crisis for the whole world.
【国内英语资讯:Yearender-Commentary: China economy skeptics should rethink their betting】相关文章:
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