But if Japan goes into recession and drags the whole world along with it, he said, forces against globalization are likely to emerge. If we get to that scenario, China may not be able to prevent it from happening, but its leadership could help. In his presentation, Jing reviewed China's position as a result of the economic crisis. The economy is not directly affected. But China is going to pay a cost for holding the line on the renminbi to ensure stability in Hong Kong and the region.
China is also now in the throes of a crucial period of reform.
Jing argued that Japan should have played a bigger role in helping East Asia during the crisis, but because of its own troubles it has been hampered from doing so. China recognizes that it has a role to play, Jing said. In this crisis, China has shown leadership. It is our first step to a more wealthy life. It is a contribution to the stability of Asia.