A decade of growth

If the 9/11 terror attack on the US in 2001 set the tone for the world's political arena in the first decade of the new millennium, it is no exaggeration to say that China's rise re-defined the global economic landscape.

Statistics abound to testify to China's rising economic prowess. To name but a few, once the numbers come in China will probably have replaced Germany to become the world's top exporter in 2009; it is set to replace Japan to become the world's second largest economy next year, from the 10th place 10 years ago; and it is playing a leadership role, together with other major players, in building a more fair and rational world economic order.

The country's ascent in the past decade, however, would have been unbelievable for many Chinese 10 years ago, when East Asia was reeling in the wake of the devastating Asian financial crisis. To anchor the regional economy, China unswervingly but painfully decided to hold its currency firm, despite the domino-like fall of other regional currencies. The price it paid as a result was slumping exports and slowing economic growth at the turn of the century.