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But with the recovery on track, it is now time to unwind the policy stimulus that has helped power the recovery. Whether or not the recovery is sustainable depends heavily on the timing, policy mix and pace at which the economic stimulus is withdrawn.
If China shows consistent ability in standards setting, it will be able to climb the global monetary ladder
China has started formulating its 12th Five-Year Plan (2011-2015) by soliciting the advice of officials and economists. The focus of the previous four five-year plans was on setting economic growth targets, which was usually surpassed by growth in real terms.
Macroeconomic data released recently by the National Bureau of Statistics (NBS) indicate that the Chinese economy is on an upward trajectory despite the pace of growth slowing from that of the previous year.
A recent report by Dagong Global Credit Rating Co Ltd on the world's sovereign credit status and its risks, is a significant step by a non-Western entity to break the long-established monopoly of Western ratings agencies over the global credit ratings business.
Even though China's leaders prize stability, they may come to look back on recent labor strikes as a healthy and vital turning point on China's twisting path to development.
As China opens its doors to more foreign manufacturers, domestic automakers with little to show by way of technology advantage will likely be overpowered by powerful competitors from abroad.
Being a large city in the Western and inland region, Chongqing is less dependent on exports and more on domestic consumption and investment. Having invested in good infrastructure, the city's priorities are now to tackle crime and make the city greener.
Increasing worries over a potential double-dip global recession have, however, rallied the US Treasuries market and made them the best-performing fixed-income assets.
The US and China discussed a bilateral investment treaty (BIT) at the Sino-American Strategic and Economic Dialogue (SE&D) in May. If the final negotiated text looks like the majority of US BITs it could threaten financial stability and economic growth in China.
Global recovery is moving into a more complicated phase in the post-crisis era. The top priority of the G20 summit held recently in Toronto was to strengthen the recovery and laying the foundation for sustainable and balanced growth.
A report in the South China Morning Post last month quoted a United Nations official as having said that Chinese producers, some with the influence of organized criminal gangs, control Europe's $8.2-billion counterfeit goods market.
For me, there is nothing more abnormal about China's unbroken pattern of growth than effective macroeconomic intervention in boom times.
But contrary to some experts' view, I don't agree that the Chinese economy is headed for a hard landing and that it would be dragged down by local governments' debt crisis.
It shows that China has its own sovereign debt crisis and is part of the global leverage problem, not the solution.
After weathering the global financial crisis, both the government as well as the Chinese industry have reached consensus that China's economic development pattern needs to be transformed.
Extant uncertainties are unlikely to scuttle the robust dynamism shown by the Chinese economy.
The decision by the People's Bank of China to reform the renminbi exchange rate formation mechanism has underscored the monetary authority's sense of urgency regarding exchange rate flexibility as well as its determination to adjust the nation's long-held passive position on the matter.
The People's Bank of China's unexpected announcement Saturday on the yuan's exchange rate does not mean major reforms are coming soon to the country's currency exchange rate regime.
Will China be able to continue its fast economic growth? An economist and a professor of international relations both say there are many challenges ahead.
Since iPad2 went on sale in China on May 6, hundreds of iPad fans and scalpers queued up overnight at almost every Apple store. The craze even led to a violent incident in Sanlitun, Beijing. Do you think iPad2 is worth the hassle?
Beijing - Dressed in a crisp suit, Li Zhirui, sitting on the window seat of a Beijing bus, silently gazes at the European-style villas, luxury cars and illuminated shopping malls as they pass him by.