I have been living in China for almost three years. During these three years, through your newspaper and CCTV news and visits to some parts of China, I have realized the fast pace of development the country is still going through.

China joined the World Trade Organization (WTO) a little more than 10 years ago, and it has already become the second largest economy in the world. But it still has its share of problems like trade frictions with developed countries and dispute over the currency exchange rate, especially because of the economic downturn in the United States and Europe.

The high GDP growth, which was the focus of China all these years, may slow down this year. But its intrinsic strength because of a dedicated labor force can help China focus more on its domestic market to boost its economic development if it can keep CPI, which has been reduced to 4.2 percent, to the minimum.

China has demonstrated to the world its technical capabilities by building excellent infrastructure, including highly efficient transportation networks and green power. It has entered into a free trade agreement with ASEAN - and is likely to sign one with the Republic of Korea and Japan in the near future.

Besides, once Russia joins the WTO, Sino-Russian trade will get a boost. Also, China has expanded its cooperation with emerging markets in Asia and Africa, helping those countries in a big way.

The overseas direct investment in China continues to grow because of favorable policies and the speed with which projects are implemented. Many Chinese companies have started taking over reputable companies overseas to expand their presence in the world market. And regular cultural exchanges are taking place with many countries, which is a very positive sign.

China has all it needs to consolidate its gains and maintain stable economic growth for the betterment of its more than 1.3 billion people.

RNK Krishnan, via e-mail

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(China Daily 01/05/2012 page9)