Certainty in uncertain times

In the context of "certainty" being a scarce resource, the general tone set by the just-concluded Central Economic Work Conference to pursue "sound and steady" economic development next year has undoubtedly eased market fears.

Many international observers have picked up on the positive messages emanating from China's tone-setting conference and interpreted them as signs of continuity in China's macroeconomic policies that will offer other countries many obtainable "opportunities".

Stephen S. Roach, senior fellow at Yale University and former chairman of Morgan Stanley Asia, pointed out not long ago that China has contributed more to global economic growth than all the developed countries combined.