YUAN TUMBLING OUT OF CONTROL

Persistent weakness in the yuan at the beginning of 2016 fueled concerns that China's policymakers might have lost control of the currency, which would tumble in the year.

Although the yuan weakened about 7 percent against a strong U.S. dollar, it remained relatively stable against a basket of currencies and even gained value against some major currencies.

For the year ahead, China plans to "keep the yuan basically stable, while improving the flexibility of exchange rates."

It believes that despite short-term fluctuations, the yuan will maintain overall stability, and the chance for a sharp depreciation can be ruled out, backed by China's stable economic growth, balanced fiscal conditions and ample foreign exchange reserves.

CHINA DRAGGING DOWN THE GLOBAL ECONOMY

It is true that China has slowed from its previous double-digit growth, but as the Chinese economy transitions to what some have dubbed the "new normal," China remains the world's major growth engine.

If China's GDP grows 6.7 percent in 2016, in line with the official target, it would account for 1.2 percentage points, or 39 percent, of world GDP growth, according to economist Stephen Roach.

Fraught with growing economic uncertainty and geopolitical instability, the world needs a stable Chinese economy more than ever.

China's ongoing transition from an export and investment-driven growth economy to one based on consumption, services and innovation, will be of huge benefit to the world, without a doubt.

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