From Chinese Press

Time for action, not accusation

(Xinhua)
Updated: 2010-06-30 16:45

Finding a solution is always harder than simply laying blame, certainly this is true when it comes to fixing the global financial system.

Two years after the system short-circuited, the time for real action to shore up the fragile global recovery has come.

As the global economy regains its strength, optimism is slowly returning, though let us not forget the lessons learned and that further action is needed.

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Although minor disputes remain, the consensus is - as leaders at the G20 summit during the weekend have agreed - healthy and sustainable global growth is good for all countries.

Moving forward, developed countries need to take responsibility: improving financial supervision and regulation, cutting fiscal deficits and changing their growth pattern so to save more and consume less.

Developing countries too have a critical part to play, they must rebalance their economies by increasing domestic consumption and wean off their reliance on exports.

Countries need to focus on these goals, and not get sidetracked by domestic politicking that impedes global progress.

With high unemployment and soaring fiscal deficits in some developed countries, finding fault with a fast-growing economy seems an all too easy trick to swing public opinion against an "evil other" rather than finding a constructive solution to benefit the world at large.

China, the world's third largest economy, continued to grow at a rapid rate throughout the downturn when developed countries sank into depression. Consequently it emerged from the global depression comparatively stronger than before.

The result should be cause for praise not criticism. Yet, some western politicians and commentators have used it against China.