Recession an opportunity for economic transition

Last year proved unusual for China's economy and the world's as a whole. The financial woes fueled by the US mortgage crisis quickly spread to the rest of the world and have shown no signs of mitigation till now. On China's part, its fast-growing economy also suffered an unprecedented challenge in five years.

This year will also not be easy for the nation, although a new stimulus plan is expected to come. The central government announced a $586 billion investment package late last year to contain economic slowdown. Whether or not the nation could triumph in the battle against the prolonged predicament will determine if it will succeed in promoting a sustained growth and its emergence as a big power in the international arena.

However, the worst global financial misery since the Great Depression has also posed rare opportunities for the country to push for adjusting its slow-progressing economic structure and transforming its past growth mode. A new international economic order is also due to be reframed after the crisis.