Chian joins international efforts ot fight crisis

Besides offering vast trade and investment opportunities for other countries during a time of crisis, China, as a member of the Group of 20 (G20), the premium platform for international economic coordination and cooperation in a post-crisis world, has also actively joined international efforts to mitigate the adverse effects of the global financial crisis.

At the sixth G20 summit held in Cannes, France in early November, China and other leading emerging and industrial countries pledged to further enhance policy coordination to ensure strong, balanced and sustainable economic growth.

Leaders also called for better financial regulation and reform of the global monetary system to avoid any future re-run of the crisis.

In Southeast Asia, China's near neighbors have benefited most from their deep involvement in regional trade and integration.

Sundram Pushpanathan, Deputy Secretary-General of the Association of Southeast Asian Nations (ASEAN), praised China's contribution to the economic growth in ASEAN member countries.

"ASEAN and China... 'own' one of the largest FTAs in the world, " he said, referring to the ASEAN China Free Trade Area (ACFTA).

The free trade deal, which came into force on January 1, 2010, not only boosted the economy in the East Asian region, but also "significantly contributes to facilitating global trade," he said.

According to China's Ministry of Commerce, China now has become the biggest trading partner of ASEAN, while ASEAN ranks third among China's trade partners, following the EU and the United States.

Dr. Sri Adiningsih, the co-founder of the Asia Pacific Studies at Indonesia's Gadjah Mada university, told Xinhua: "China has been acting as the axis of the economy in East Asia (and) will be the backbone of the world's economy ..so it is very important to make ASEAN get along with China in attaining growth in the eve of global economic awakening."

Apart from regional cooperation, China also extended help directly to some countries whose economy suffered much from the crisis.

Last month, China promised to grant zero-tariff status to some least developed countries, in the aim of helping to restore their sagging exports.

China to work together with the world in 2012

Given the anemic performance of the global economy in 2011, several think tanks have raised the possibility of a full recession next year, dimming the already grim picture for economic recovery.

It is true the future will be fraught with challenges, but some recent political and economic achievements have offered us hope that the worst scenario is not likely to come true.

European leader last Friday reached a historic deal to impose tougher budget discipline on eurozone countries to stem the crippling debt crisis.

The fiscal compact, endorsed by all eurozone countries, would build a deeper economic and fiscal union for the eurozone and thus substantially bring integration of the continent to a higher level.

In the United States, recovery is catching some wind in its sails. US manufacturers report that North American business demand is improving. Retail and auto sales are picking up, while unemployment last month dropped to its lowest point since the spring of 2009.

As for China, the country will continue to serve as a strong engine for world growth in 2012.

China will seek stable and relatively fast economic growth next year amid the "extremely grim and complicated" global outlook, according to a statement issued after the closure of a three-day central economic work conference on Wednesday.

The conference agreed to set the main theme of next year's economic and social development as "making progress while maintaining stability," the statement said.

Though a slowdown of GDP growth is expected next year, the growth rate will remain at a comfortable level, both Chinese and foreign economists have predicted.

In the year to come, China is not, and does not intend to be the world's savior. But the country, with strong growth momentum, is ready to face the challenges ahead with the world again to help achieve a full and sustainable global economic recovery.