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Role of a stakeholder

(China Daily)
Updated: 2008-11-14 07:51

Forget about "Bretton Woods II," or anything even close to it.

The participating countries have competing agendas. The host country is awaiting a leadership transfer. It would be unrealistic to expect the G20 summit in Washington DC tomorrow to throw up long-term solutions. Not even specifics, for that matter. The world is just not ready to look beyond the present financial woes.

Perhaps the best we can anticipate is general, even rough, principles on concerted responses. We cannot expect a six-hour-or-so official gathering to generate more than a broad consensus. Technical specifics can be left to other people and occasions. But the world cannot afford to wait until some other summit for a shared commitment to working together.

President Hu Jintao may encounter plenty of hopeful eyes in Washington. We have heard a lot about what role China should play in the international bailout. The world's largest foreign exchange reserve has brewed sky-high expectations on us to play the white knight. So many are waiting to see what President Hu will commit to.

President Hu may want to reiterate what has been said a thousand times and is now almost self-evident - that we are no outsider in this crippling crisis. The rapid downturn in our economy, obvious from latest statistics as well as factory closures and mass lay-offs in our main manufacturing bases, says it all. If the current turmoil has made the super-rich on Wall Street less so, it is depriving a huge contingent in this country of even means of subsistence.

Never before have the Chinese so acutely felt what it means to be a "stake-holder". The stakes are too high for us to look aside when the world struggles.

And Hu may assure the world that our commitment to a healthy international financial market and world economy is firm. It is unfair to see the mammoth stimulus package the government unveiled as a mere act of self-protection. Given the degree our economy has been interwoven into the world's, and the benefits the latter has drawn from the Chinese market, it is only fair to say China, by saving itself, is contributing to the world at large. If this does not sound convincing, just imagine what would follow if the Chinese economic locomotive loses steam. As far as we can see, the $586 billion stimulus package will create huge demand for overseas equipment and other goods.

Outsiders want us to do more. We did, and do. Not long ago, the government reached an agreement with Japan, South Korea and South East Asian countries on setting up a special fund to cope with the global crisis. There is every sign that this country will remain active in the international rescue scene.

But after all, ours is a developing country. While communicating the political will to stay true to our commitment, President Hu should also drive home the message that there is a limit to what we can do, and what outsiders can expect.

(China Daily 11/14/2008 page8)