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Tue, Jul 26th 2011, 02:25

Eric Carrera Lowe, Asian Business Consultant , (4)

I think this is pretty premature. China is now growing but of course experience growing pains. Her growth is dependent on the stability of the world economy and political climate. It would be folly not to expect a fall when the situation in the United States & European economy remained shaky. It is that reason that China came out to support the US in its bonds (China is the biggest creditor of the United States alongside Japan & Russia). For a long time the United States have been pointing the finger at China for its corruption & transparency problems. However the economic fall of the United States in 2008 revealed that the transparency that we are so proud of is but a mirage. The uses of the stimulus packages (public tax money) to pay for corporate bonuses for those Wall Street Firms that deemed "too big to fail" brutally shed the respected transparency to shreds. According to some who used to work in Wall Street, the government measures that came out of the Obama administration is not enough to prevent another meltdown like that of 2008 in the future. As Wall Street & Main Street move further apart in reality (high unemployment rate vs high corporate bonuses), for once we see how important it is for government to step in at the right time to cool the situation. China has that and I think it will keep the Chinese economy from having a hard landing. I am not saying that China is perfect, far from it. But we should focus the attention on ourselves than trying to trumpet the fall of others. We cannot put enough attention on how to resolve our serious problems on both sides of the Atlantic.