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Prospects for the global stock market are gloomy this week. Foreign media have blamed the slowdown in China’s economy for the sluggish world economy. As experts point out, the global bear market is mainly due to the lack of progress in balancing the world economy. China will remain committed to a loose monetary policy and restructuring, enabling it to outperform its rivals in the world economy.

Gloomy global stock market

This week has been a “black” one for global markets. The Standard & Poor's 500 index dropped 16.11 points, or 0.8 percent, to close at 1,994.29. The loss was the biggest one-day decline for the index since Aug. 5. The index is down 0.5 percent this month. The Dow Jones industrial average fell 107.06 points, or 0.6 percent, to end at 17,172.68. The Nasdaq composite dropped 52.10 points, or 1.1 percent, finishing at 4,527.69.Available data indicate a sluggish global economy. US home sales in August dropped 1.8% month on month - the first fall for five months - and its investment housing sales hit a record low since 2009. In Europe and Asia, stock exchanges are no different.

The weakness in the major economies is exerting its impact on others whose economies are closely implicated. Soaring assets are overdependent on loose monetary policy, and the policy is gradually losing its impact. Once the US and the UK abandon quantitative easing, global capital liquidity will diminish, with the risk of a bust in global financial bubbles.

The slide in world economy is due to its own imbalances.

China’s chief economist Cao Xuanzheng has responded to rhetoric about China’s ‘weak economy' bieng a burden on the global market. “Macro-control policy can contain the trend of economic slowdown, but it can’t reverse it. Loose monetary policy in the U.S. is serving only to prevent further economic recession rather than driving economic growth.”

According to Lin Yifu, a dean of Peiking University, the slide in the world economy is mainly due to its imbalance. China still has huge potential to keep its economy growing.　　

Foreign media have tried to blame China for the sluggish world economy. Ding Kai, professor of People’s University of China, counters that it is fundamental weaknesses in the international economy that are acting as a barrier to recovery. There are many factors for the lack of momentum in the world economy: the readjustment of monetary and financial policies by the great powers; troubled emerging markets; fluctuations in the global financial market.

China’s economic growth still stands out.

The world economy is still facing challenges from the monetary policies pursued by developed countries, even although the economy is performing better in Japan and the US. The strains on global capital liquidity are making it more difficult for China to keep its economy growing. Against this background, China will still hold advantages in the relocation of global resources in the way of restructuring its industries and focusing on the quality of its economic growth.

"China still has the ability to maintain 7.5% economic growth and has late-mover advantage in updating its technology and industry,” says Lin Yifu.

Cao Yuanzheng also noted that it is important to be aware of the changes in China’s economic growth. China, with one fifth of the world's population, is a vast market, and its enormous consumer demand will promote a surge of tertiary industry. China is not short of driving forces for its development.

This article was edited and translated from 《全球股市走低賴不著中國（熱點聚焦）》, source: People's Daily Overseas Edition, Author: Huan Jia