BEIJING, Sept. 19 (Xinhua) -- Though Lehman Brothers collapsed five years ago, "we still live in Lehman's shadow," the Financial Times chief economics commentator Martin Wolf said.
In the past five years, reflection on the global financial crisis has never stopped, as the impact of the crisis has spread to almost every corner of the world within the globalized economy.
However, China, as a special case, has overcome the disadvantages of a complex external environment, and its economic desicions have generally transformed crisis into opportunity.
Inside China, the government has expanded domestic demand and boosted structural reform, taking public investment as a leader. At the same time, China has attached great importance to trade and the exchange rate, and made flexible decisions in a changing situation, which helped boost the world economy against the backdrop of widespread recession and weak growth in developed economies.
Therefore, the Chinese economy won initiative in the international economic relations proofed by accelerating finanace diplomacy and rising status in the global governance.
World Bank Group President Jim Yong Kim said recently "everyone in the world is looking at Chinese growth numbers."
Since the beginning of this year, the world economy has been confronted with new challenges and contradictions, as the U.S. economy obtained growth momentum, the Europe can see light ahead following the second recession, while new emerging countries and developing nations experience lower growth than before.
Thus China began suffering different tones commenting on its economy. Among those comments, the Economist gave an objective review, saying the Chinese economy is not unstable, but less efficient.
Against such a backdrop, the new Chinese leadership began to advance reform and boost market vitality by keeping the macroeconomic policy stable, with consideration given to both immediate and long-term needs, and streamlining administration and delegating power.
As Chinese Premier Li Keqiang said, "Now the new season of the Chinese economic miracle, one of better quality and higher efficiency, is unveiled."
Furthermore, what China should learn from Lehman Brothers' callapse is that the financial sector is essential, but the real economy is also significant. Germany's good performance during the crisis has proved that the key to resisting crisis is the real economy's manufacturing -- high-end manufacturing in particular.
So China must upgrade its industries, and the upgrading needs innovation, which means innovation not only in technology, but also in ideas, systems and mechanisms, which in turn depend on advancing innovation. As Li said, adhering to reform is innovation.
Whatever happens, no one can foretell exactly the timing and place of the next crisis, so the important thing is that decision-makers be adept at transforming crisis into momentum and nutrition of growth.