Be vigilant to rumors on the economy

Economic development has always been accompanied by various kinds of forthright advice and criticism but that does not mean China should play deaf to rumors that are fabricated to disturb social order, said an article in the People's Daily (excerpts below).

In November 2008, the British queen asked why no one predicted the global financial crisis during a visit to the London School of Economics.

Eight months later, the school's economists confessed in a letter to the queen that it was a collective failure that they failed to forecast and calculate the timing or the scale.

Western economists should bear that in mind when considering the Chinese economy.

For the past decades, we have heard predictions of dire events but none have come true.

Earlier this century, some scholars said China's banking system is "technically bankrupt". But Chinese banks are main players in the international banking system.

The power of the Chinese economy is helping the world survive the crisis.

Maybe some of the dire predictions were based more on wishful thinking than sound economics.

Experience has shown that China has confidence in its development path and achievements.

Decision-makers will heed all valuable suggestions and be vigilant to unfounded rumors.