BEIJING, Dec. 19 (Xinhua) -- It is time for predictions about the coming year, and you are bound to hear more than a few scary prophecies about an imminent economic hard landing in China, triggered by a debt crisis, a bursting property bubble, financial turmoil and more..
It is an easy game, and these China bears have been selling imaginary fears for their own fame and fortune for a long time.
At the start of the year, Chinese devaluation and capital outflows gave rise to market concerns about an upcoming financial crisis.
A well known billionaire investor said "a hard landing is practically unavoidable," while a foreign commercial bank expected China's GDP growth to nosedive to 3 percent this year, and a think tank put China's economy crashing as the main possible crisis with a far-reaching global impact in 2016.
They were all wrong, of course.
The doom-and-gloom scenarios created headlines but failed to emerge. All the assumptions were false alarms. The country's growth rate this year appears set to hit about 6.7 percent -- beating almost all forecasters' expectations.
The current yuan depreciation due to the strengthening greenback has unsurprisingly given rise to a new round of bearish talk on the Chinese economy.
However, the chances of economic chaos are slim. Stability is high on the agenda for China's economic work next year as the tone of the recently concluded economic work conference suggested.
Of course, market worries about a Chinese economic slump are not groundless. Burdened with debt overhangs, excess capacity, a high-leveraged property market, zombie state-owned enterprises and struggling banks, China is prone to being portrayed as the next victim of a crisis.
Such fears are overblown and based on outdated rationale. China doubters believe there is good reason and related history for the crashing of the Chinese economy, but the world's second largest economy is just too complicated to predict, due to its unique political, social and financial conditions.
Challenges and crises are not the same. The country's successful steps to cool a red-hot property market and keep the yuan stable this year demonstrate that the government has the administrative and financial resources to address imbalances without a disorderly adjustment.
While China's challenges should not be taken lightly, it continues to make encouraging headway on structural adjustments in its real economy, evident from consumption contributing to more than two-thirds of overall growth, and rapid growth in the services sector.
Most importantly, a China imploding is good for no one. China's economic growth contributed to over 25 percent of the world's total GDP. A sharp slowdown in the Chinese economy will send huge tremors across an already-shaky global economy with troubled trade and financial markets. It will not just be a crisis for China, but a crisis for the whole world.
Turbulent markets are favored by speculators, but the odds of a Chinese economic hard landing are so tiny that China economy skeptics would do well to rethink their betting.
国际英语资讯:Venezuelas Maduro renews cabinet, names vice president
Creativity 创新
国际英语资讯:Ethiopia PM vows not to harm Egypts share of Nile water
传说是真的!洗牛奶浴真的能让皮肤变好
传说是真的!洗牛奶浴真的能让皮肤变好
2018年6月英语四级作文范文:学习旅程
希腊和马其顿解决长期名称争端
国际英语资讯:Finnish PM tells British PM to find Brexit solution within one week
国际英语资讯:100-year-old food fair opens with a look into future
国际英语资讯:Putin to meet senior DPRK official -- Kremlin
青年党袭击索马里哨所,一名美军士兵丧生
国际英语资讯:Annual British monarchs birthday celebrations sees latest royal Meghan Markle on parade
谷歌公司称绝不染指涉及武器的人工智能
2018年6月英语四级作文范文:关于智力
国际英语资讯:Iran, Turkey agree to boost security cooperation
2018年6月英语四级作文范文:申请信
Shouting match?
国际监督组织:叙利亚有人使用了化武
国际英语资讯:Turkey slams European observation missions interim report on elections
体坛英语资讯:England beat Nigeria at World Cup warm-up match
新西兰将向国际游客征税
国际英语资讯:Saudi Arabia intercepts missile fired towards border city Jazan
国际英语资讯:G7 summit kicks off in Canada amid trade disputes between U.S., allies
国际英语资讯:UNGA adopts resolution on protection of Palestinian civilians
国际英语资讯:UN blames conflict, economic hardship on rise of statelessness in South Sudan
国内英语资讯:Chinas top legislator meets with Kyrgyz President Sooronbay Jeenbekov
上海合作组织至2025年发展战略[1]
塔利班宣布有限停火
2018年6月英语四级作文答案:写作能力重要性(文都教育版)
这些水果和蔬菜有益心理健康:尤其是生吃的时候