World
China’s economy passing through bitter period: Daily
Beijing: China’s economy is passing through “a bitter period of structural adjustments”, said a state-run daily after Chinese stock markets saw their biggest fall since 2007 on Monday.
An editorial “Morale needed as pessimism roils market” in the Global Times on Tuesday said the Shanghai Composite Index dropped 8.49 percent and while the ChiNext Index plunged 8.08 percent.
“Other Asian markets experienced a dramatic fall along with them. US stock markets also plunged to daily limit in early Monday following the big drop in Chinese stocks. Some have therefore dubbed the day ‘Black Monday’,” the daily said.
The editorial said that there seems to be only one reason for the tumble – “investors lack confidence in China’s economic outlook”.
“China’s economy is in a bitter period of structural adjustments. We should become inured to face all sorts of problems with grace. This temporary lack of confidence will not snowball to become destructive,” it said.
“… such a big trend will not be swayed by some unusual short-term jitters in the stock markets or exchange markets,” the editorial said.
“Not long ago, China’s reform of its currency’s exchange rate led to a continuing yuan’s devaluation, which seems to have provided more proof that the nation’s economy is over the hill. The newly released economic figures do not look good. It seems that the words ‘misfortunes never come alone’ have come true,” it added.
Economic observers believe that if investor confidence is low for a long time, it will be normal to see drastic fluctuations as stocks and exchange markets react strongly to specific reasons.
The editorial noted that it is complicated to evaluate China’s economy.
“For example, how to confirm the coordinates and parameters of such an evaluation is not easy. China has bid goodbye to double-digit economic growth, and has entered the ‘new normal’ of growth on a medium-to-high level. But compared with the other major economies in the world, China’s performance is still one of the best. Unfortunately, this reality cannot necessarily convince investors,” it said.
The daily went on to say that most of the investors focus on short-term gains. “…China’ reform is positive in producing favorable results in the long term, while its short-term interests are relatively limited at the moment.”
“However, the vast majority of investors tend to put their immediate interests in first place.”
Global Times asked: “Will China’s economy come to a terminal after this time? Could the economy be sluggish for a long period, or even go downhill?”
“It could be certain that few believe this. If the country’s economy is so lame, and bound to tumble in the future, the whole 21st century will be another story, and a majority of today’s strategic planning could be scrapped.”
The daily said that there is no need to worry because of pessimistic voices from the outside world.
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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