China stock market fall a test to evaluate resilience: Daily

Beijing, July 20 (IANS) The dramatic fall of China’s stock market is “a test to evaluate the resilience of the Chinese economy”, a state-run daily said Monday, assuring that the country’s outlook is still bright.

An opinion piece in Global Times on Monday said that China’s economic fundamentals are more robust than its counterparts elsewhere.

“The recent dramatic fall of the Chinese stock market is a test to evaluate the resilience of the Chinese economy. China can always find a way to hold its ground and steady its pace. China’s outlook is still bright,” it said.

The opinion piece by Qiao Liang, a professor with the National Defense University of the People’s Liberation Army, said: “…the real risks do not come from China intending to challenge the US, but from the reckless US rivalry against China in Asia-Pacific, which is obliged to take countermeasures in the same way”.

“In Europe, Washington has managed to trigger a faceoff between the EU and Russia. By taking advantage of the Greek debt crisis, the US is engaged in a war of international finance with Europe.

“Meanwhile, Washington has tried different means to weaken China’s competitiveness in the international community by taking advantage of China’s territorial disputes with neighbors and meddling in China’s internal affairs such as Hong Kong’s political reform. However, none of these tricks has had a real effect,” it said.

It went on to say that the popularity of the China-led Asian Infrastructure Investment Bank (AIIB) is “beyond the expectations of Washington, whose traditional allies have even turned their back on the US”.

“The US’ aggressive intervention in the South China Sea disputes follows its frustration in holding back the AIIB. In this case, China cannot back off. Otherwise, it will impair the public confidence in the Chinese government, and it will cause international investors’ confidence in the Chinese market to falter,” the opinion piece added.

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