Arab Today, arab today global economy still stumbling as us europe constantly miss targets to heal ills
Last Updated : GMT 06:37:29
Arab Today, arab today
Arab Today, arab today

Global economy still stumbling as U.S., Europe constantly miss targets to heal ills

Arab Today, arab today

Arab Today, arab today Global economy still stumbling as U.S., Europe constantly miss targets to heal ills

Beijing - Xinhua

Many had looked upon the arrival of 2011 with optimism that the world economy will slip out of the crisis in its third year since the explosion, but with the year closing out, a dark cloud lingers as major developed countries constantly miss targets in their attempts to heal economic ills. Unlike the financial crisis in 1997, the most developed nations were the major culprits for this round of depression: the U.S. caused the wound and Europe let it fester, miring the rest of the world in the economic pains. As such, the ultimate solution for the crisis lies in the hands of the developed countries to concentrate efforts to address and fix their own problems. But unfortunately, instead of targeting problems at home, those countries cannot refrain from pointing fingers at other countries, as they are accustomed to do. Take the U.S. for example, relentless spending from the top down, bewildering varieties of financial derivatives, much criticized rating agencies,yet none of these causes have been seriously examined and treated. Even budget trimming, an act that should undoubtedly be put on top, was left in the air over bickering in Congress. Regrettably, U.S. policymakers seem more interested in businesses outside the country, their long-stretching hands are reluctant to loosen their grip over everywhere from the Middle East to Asia. Europe painted a gloomier picture. The sovereign debt crisis has spread from Greece to Italy, compounded by the fact that credit ratings of some other European countries were further lowered by agencies. Despite the consensus that the spending spree was to blame for the debt crisis, the governments failed to come up with effective policies, as any austerity plans were met with vehement backlash from the masses. Under this context, China, with its still relatively fast growth, stands alone as the only bright spot among major economies, and has been dubbed by some economists as the sole engine that is in proper operation. Even so, instead of granting support and care to the maintenance of the engine, some have attempted to mix sand into the engine. Before China\'s entry into the World Trade Organization (WTO), the U.S. loved to single out the most-favored-nation treatment as a weapon against China. After its entry, the RMB currency has come under constant attack. Policymakers never got tired of repeating cliches -- how China artificially keeps its currency low, which costs thousands of jobs in America, and ignoring the fact that since China\'s currency reforms in 2005, the RMB has appreciated nearly 40 percent, while America\'s unemployment rate has barely improved. Another easy target is China\'s protection of intellectual property. Some countries say that China\'s flooding of pirated products has incurred huge losses for patent holders. This claim has failed to acknowledge China\'s progress in the area in an objective manner. Though far from stellar, China has made big strides in cracking down on illegal products compared with years ago. It is not that the country refuses to take actions, but any substantial transformation cannot be made with one stroke. Other accusations include discriminatory policies to foreign businesses, which could be neatly dispersed by the fact that many multinational companies have profited in the Chinese market while posting losses elsewhere. In contrast, it is the Chinese businesses that have been constantly denied accesses overseas. Despite all the disturbing noise, China believes that managing its economy well for its 1.3 billion people trumps everything, and with its economy growing gradually, it is also making due contributions to the world as a whole, actively stepping up to the role as a responsible player in the world arena. The winner of the game is not decided by who makes the loudest claims, but who has been a real helper in the sound development of the world economy. The answer comes with the time.

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