Bashing China Won't Solve World's Debt Crisis

Since the outbreak of the international financial crisis, China has steered its macro-economic policies so as to expand domestic demand, stimulate imports while stabilising exports, and promote balanced global trade. The results have been noticeable. Between 2008 and 2010, Chinaâ??s imports soared by 23.3 per cent, creating a trillion-dollar market for the rest of the world. At the same time, its trade surplus shrank from nearly $300 billion at its peak in 2008 to $107.1 billion as of the first three quarters of 2011, decreasing as a percentage of GDP from 6.5 per cent to 2.2 per cent. In short, China has become an important factor in promoting balanced global trade growth, and world economic recovery.