Chinese Dream good for the world

China has vowed to realize the Chinese Dream of national rejuvenation, with President Xi Jinping reassuring the world of China's peaceful development and reaffirming its principle of win-win cooperation and mutual benefit, says an article in People's Daily. Excerpts:

China has always been a peace-loving country. During the Ming Dynasty (1368-1644), China launched a series of marine expeditions, including Zheng He's seven goodwill voyages to countries in Southeast Asia, South Asia and East Africa, which were a diplomatic landmark. And the ancient Silk Road was the trade and cultural exchange route not only between China and the Roman Empire, but also between China and all the countries along the route.

But invasions by foreign powers dragged China into an abyss of suffering and backwardness, which, in turn, intensified Chinese people's yearning for stability and peace.

Peace fosters conditions that are conducive to development, and sustainable development guarantees long-lasting peace. China has been adhering to an independent foreign policy of peace since the founding of New China and trying to stabilize the external environment for its development.

Over the past three decades, China has concentrated its efforts on boosting economic growth, which has given rise to speculation that China's dynamic rise will force it to follow the path of the great powers vying for world dominance. But the theory that a strong country is bound to seek hegemony does not apply to China.

By realizing the Chinese Dream, China will only create opportunities for the world. China's reform and opening-up, its 11 years in the WTO, its efforts to combat Asian and global financial crises, and its role in global economic governance show that it is a strong practitioner of win-win cooperation.

By following the path of peaceful rise, China will accomplish the goal of national rejuvenation and ensure long-lasting peace and common prosperity for the world.

Taking loans to buy gadgets not bad

University students should not be criticized for buying popular Apple products like iPhones by taking loans from micro-financing organizations, says an article on Guangming website. Excerpts:

According to a consumer credit provider, more than 20,000 university students in Wuhan, Hubei province, applied for about 160 million yuan ($25.74 million) of consumer credit from January 2012 to February 2013, mainly to buy Apple products and smartphones.

This has sparked a debate, with some commentators saying students have fallen prey to vanity and credit companies are acting irresponsibly. But university students, who are above 18 years, have the right to decide their personal affairs.

Applying for loans is not a shameful act and "grown-ups" should not expect today's youths to behave like those in the middle of the last century. Besides, such buying behavior boosts domestic demand.

Fewer than 100 of the more than 20,000 students have failed to repay their loans in time. Their bad debt ratio is lower than that of many financial institutions doing business with "grown-ups".

Moreover, many of the more than 20,000 students took up part-time jobs to repay their loans, and thus gathered valuable experience of the social mechanism, which is marked by individual rights and responsibilities. The loans, therefore, have played a positive role in the lives of the youths.

(China Daily 03/28/2013 page9)