"China's biggest trammel does not come from outside, but lies in whether China could develop the world's largest resource of domestic demand. China will have no choice at last, and could only start implementing the changes from externally motivated increase to internally driving increase, which is supposed to be the whole content for China's reform. China will soon take up heavy tasks en route its development," said Stephen Roach, chief economist with Morgan Stanley.

While Roach released his comments, the western media was propagandizing the topic of the transfer of job opportunities, blaming on China's development the decrease of job opportunities in western manufacturing industry. Along with the emergency of "unemployment revival", the common consumers, especially those "blue collars" working in manufacturing industries, have changed their attitude towards Chinese products. When shopping, they still spontaneously buy Chinese products. However, when facing the threat of unemployment, they are easily influenced by wrong signals and let off their anger over Chinese products.

More and more people have realized after careful consideration that the root for the employment issue in the western countries laid in the adjustment of domestic economic structures. Meanwhile it was also the result of global unreasonable economic and trade order. Even though these countries cut down the import volume from China, the unemployment crises in their countries still cannot be solved. On the contrary, China's economy is experiencing some major changes as the export volume keeps on increasing. A huge market has been on the horizon in the East, making those who often complained of the "outsourcing" see new hopes. That is China's economic situation we have observed from the perspective of global macro economy at the end of 2004. An article carried on the English weekly of Economist noted that the growth rate of China's economy is three times higher than that of the US since China adopted the reform and opening up policy.

Currently, China's Gross Domestic Product (GDP) accounts for 13 percent of the world output. It is estimated that China will become the third export giant following the US and Germany. Now China has already turned out a huge booming market.

China took up one third of the world's total import volume. The World Bank's yearend report also indicated that one main factor for the acceleration of the world economy laid in the fast economic development in China. The report also noted that the import growth rate of more than 30 percent in China vigorously supported the economic growth in East Asian neighboring countries.

China is now a large developing country and provides the development of world economy with motive force, and the road for future development is by no means smooth. On the one hand, the reform in China needs further deepening and more stable macro-control to ward off risks. And on the other, the structural adjustment of global economy still faces more serious challenges, requiring every country, especially the developed countries headed by the US to make more contributions. As for the sustainable development of China's economy, these two aspects are supplementary and complementary to each other.

The readjustment of the world economy gives an impetus to the changes of China's economy. Meanwhile, the reform in China also pushes ahead the development of the world economy. When China becomes an important member in the world economic system, the economic interaction between China and the world will be closer and China, as an engine for growth will have to shoulder more responsibilities.

By People's Daily Online