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Unstoppable economy

(China Daily)
Updated: 2008-02-05 10:17

The severe weather conditions that have descended on the central and southern regions, devastating as they are, will not have very serious effect on the nation's economic fundamentals and will not dampen the strong momentum of economic growth, the National Development and Reform Commission has said.

This is not just because the direct damages have so far been restricted to the southern disaster zones. Elsewhere, life goes on basically uninterrupted, despite the slight rise in vegetable prices.

Our sizzling economic locomotive is simply too powerful to be hindered by such an episode. Neither the floods of 1998, nor the SARS (severe acute respiratory syndrome) epidemic of 2003 could derail it. The damage wrought by the snowstorms will also pass, according to our economic authorities.

It is still too early to accurately gauge the losses and damages. The relief work alone will last into the Lunar New Year. And additional, though comparatively mild, cold fronts are still making their way to the disaster areas. But history is on our side. The fact that our economy survived the tests of 1998 and 2003 basically unscratched puts us on the optimistic side.

But this optimism should not prevent us from seeing the disheartening truth on display at the micro level. The effects of the disaster have been debilitating for communities, and continue to pose a serious threat to unprepared local residents.

The short-term negative influences on the economy analysts have predicted seem inevitable. The temporary rise in food prices and the loss in output are already visible. The central task now is to accelerate the recovery in hard-hit areas. This would be the most efficient way to prevent the ripples from being amplified.

With Premier Wen Jiabao out on the frontlines directing the relief effort, and all members of the Standing Committee of the Political Bureau of the Communist Party of China involved, we have full confidence in our eventual success.

The supplies of power and water are returning to normal in places such as Chenzhou and Leiyang, Hunan province. The southern section of the Beijing-Zhuhai Highway has been reopened. Many of the airports shut down by the heavy snow are operating again.

But there are plenty of technical difficulties calling for immediate repair work. Thousands of technicians have been dispatched to the disaster zones to help with the recovery work. But a lot more may be needed, because the situation there is too serious for more waiting.

We are full of gratitude to those involved in the relief effort. We wish all in the disaster zones a safe, warm and bright Spring Festival.