HK paper calls for a reasonable view of China's economic achievements

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Last updated at: (Beijing Time) Wednesday, December 31, 2003

HK paper calls for a reasonable view of China's economic achievements

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China's great achievements in developing economy during this year is widely acknowledged and acclaimed. But Hong Kong-based newspaper Ta Kung Pao warned today that we Chinese people should keep our head cool and laugh off some praises from outside. Especially, we should never feel conceited, being carried away by compliments lavished on us and must bear in mind the fact that China remains still a poor country.

Commenting on the opinion from some overseas media that China has become the world second big power in terms of economic increment, the Ta Kung Pao article pointed out that the world total volume of GDP is around 45 trillion US dollars, while this year China's total GDP growth sees no more than 100 billion dollars. According to IMF estimation, the global economic growth rate this year will reach 3.2 percent and the total growth volume will be over 1.4 trillion dollars. Based on this, China's contribution to the world economic growth this year may stand at around 7 percent. If we consider the fact that China's economic aggregate is only slightly more than 2 percent of world total, the cap of "world second big economic power" is but too big.

Another popular saying is that China's economic aggregate will overtake Japan in 12 years, and surpass America in 36 years; by then the nation will become a real world top economic power. If we take the speed that China's economic aggregate doubles in every ten years, it will just catch today's America in 36 years. But during the 36 years, the American economy, even though developing at a relatively low speed, will be several times that of China in terms of GDP. A fact is that in last quarter American economic growth registered at 8.2 percent, showing a trend of a continuous stepping-up, a performance of not much less brilliant than that of China.

Regarding remarks by some inland experts and officials that brush aside Japanese and South Korean economies, the article noted that we can not forget the old saying that "a camel died of starvation remains bigger than a horse", not to say a large group of camels are growing stronger instead of being starved.

The rapid economic development in China is a fact unarguable, points out the article. But we must be well aware that to maintain the present speed in two to three decades to come is by no means an easy job for there are many restraints. If we take into account possible effects by international political and economic factors in future as well as the changes in situation across the Taiwan Straits, then we should be more discreet on our estimation of the future and keep a sober mind against crisis for always and at all times.

It is a constant warning on the lips of Chinese Premier Wen Jiabao that "whatever achievements we've made, they seem less significant if divided among 1.3 billion people; on the contrary, any trivial problem may loom large if multiplied by 1.3 billion of people". President Hu Jintao also told us repeatedly to remain vigilant in peace times and give full consideration to possible difficulties in future. All these are rational and sober knowledge that should be borne in mind by experts, scholars and officials at all levels. As the late leader Deng Xiaoping put it, China is now just at her "primary stage of socialism", and such a primary stage is going to last 100 years or so.

(By People's Daily Online with article taken from China News Service; translated by staff member Li Heng)

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