Business / Markets

Groundless, unfair to blame China for hardship

(Xinhua) Updated: 2016-02-16 03:32

For decades, whenever the global economy faced troubles, China was surely to blame: a rising China exploited developing countries and a slowing China dragged down developed economies.

This prejudice and stereotype is unfair and needs to be corrected.

Acknowledging the bright side of the Chinese story and seeking win-win cooperation can bring overseas investors great opportunities.

While Soros forecast that "a hard landing is practically unavoidable," IMF chief Christine Lagarde said China is going through a massive, multi-faceted transition and "we do not expect a hard landing of China as has been talked about for many years."

Foreign direct investment in China grew 6 percent in 2015 to $136 billion, making the country the third-largest foreign capital receiver in the world.

One in five BMWs sold globally in 2015 was bought by a Chinese driver.

Chinese tourists made 120 million overseas trips in the same year, spending more than 1 trillion yuan ($153.8 billion) on shopping.

Box office sales during the Spring Festival holiday surged 67 percent year on year to 3 billion yuan.

Per capita disposable income in the country increased 7.4 percent in 2015, and thickening wallets will enable the Chinese to consume even more, as is encouraged by the government.

China's economic structure continued to improve, with the expanding of services, consumption and high-end manufacturing.

The Chinese government is renowned for efficient implementation and the leadership has a strong political will to deliver its promises of a better life for its people and business opportunities for all investors.

China indeed is suffering the pain from a difficult economic transition. Its leaders never sidestep economic problems and they are taking steady and concrete steps to solve them.

China is a contributor to global recovery, rather than a trouble maker.

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