Doomsday prophets misread Chinese economy

China, once contributing to 50 percent of the world's growth in 2009 and 2010, has been a powerful helping hand in dragging the world economy out of the years-long crisis starting in 2008.

However, the Chinese government has been well aware that the country's rapid growth has been proved unsustainable as it was achieved at the cost of resources scarcity, air pollution and excess productivity.

Thanks to its unremitting efforts on economic reform and urbanization drive, the manufacturing proportion in China's economic fundamentals will further decline. Its sustainable development will increasingly depend on high-quality growth, featured by lower inflation and more mobility in the labor market.

"We know the world holds high expectations on China; however, it's unreasonable to demand China contribute to half of the global growth as it did, considering its economy only accounts for less than 10 percent of that of the globe," Chinese Finance Minister Lou Jiwei said in Sydney, Australia this weekend when attending G20 meetings.

Time and again over the past years, China heard warnings on its economic over-heating or hurly-burly about possible recession. Nevertheless, with a dynamic and tenacious economic performance, the world's second largest economy proved that they were all wrong.

This time, the pessimist predictors are set to be disappointed again, as they failed to see the fundamentals of the Chinese economy, and the government's capability and resolve to push reforms.

By stirring up turbulence on the markets, doomsday prophets will do no good to anybody. After all, a steadier and healthier Chinese economy also serves the best interests of the world.

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