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No time for complacence

(China Daily)
Updated: 2009-09-11 07:45

As economic movers and shakers from all over the world compare notes at the Summer Davos in Dalian for revitalizing growth, the Chinese have reasons to feel good.

Indeed. Our stimulus package is said to be the most effective. We are expected to be the first to step out of recession. And not only that - we are said to be leading the world out of the economic quagmire.

Related readings:  Full text of Premier Wen's speech at 2009 Summer Davos  High hopes for summer Davos gathering  Davos at Dalian

Our economic celebrities have basked in stardom at the World Economic Forum (WEF) for a while. Maybe even more so this time. The state of our economy is worth much of the limelight. So is what this country has contributed to the world's emergency rescue programs. When the world was in trouble and all eyes were on us to play the white knight, we did try our best. For that we deserve not just compliments, but gratitude.

Yet for our compatriots participating in the high-profile gathering, we have a humble request - be modest. Instead of being taken away by outsider praises, we would rather see them take the Summer Davos as an opportunity to learn.

In many eyes, our economy is in better shape than many, if not all, others. But that does not mean we are the most successful managers of a market economy. That we are emerging from the recession unscratched might have something to do with our being a newcomer in the waters of the market. So new that there still are countries yet to grant us a market-economy status.

Nor does the better-than-others appearance mean that ours is a more sophisticated market economy system. Though we have the "scientific outlook on development" as the general guideline, we still have to check how it has been implemented in the making of local policies.

With the 4-trillion-yuan ($586 billion) stimulus package, "re-launching growth" should not be a major concern here. An 8-percent annual GDP growth, which is now widely believed to be within our reach, would be an enviable achievement actually.

Healthy growth, however, is not only about numbers. As our economic locomotive regains steam, we cannot afford to see the quality of growth lag behind.

With the world preoccupied with growth figures, quality growth might not be a central topic for the Dalian event. But the idea to rethink the Asian model of growth is of particular significance to us. With the world economy like this, it is imperative to have a reality check on our heavy reliance on overseas markets. But to what extent can we, and should we, re-orient our economy, the manufacturing sectors in particular? There are plenty of questions waiting for answers.

The Summer Davos may not provide all the answers. But, it can be a valuable source of knowledge and ideas to give that much-needed critical edge to our development strategies.

(China Daily 09/11/2009 page8)