Given the anemic performance of the global economy in 2011, several think tanks have raised the possibility of a full recession next year, dimming the already grim picture for economic recovery.

It is true the future will be fraught with challenges, but some recent political and economic achievements have offered us hope that the worst scenario is not likely to come true.

European leader last Friday reached a historic deal to impose tougher budget discipline on eurozone countries to stem the crippling debt crisis.

The fiscal compact, endorsed by all eurozone countries, would build a deeper economic and fiscal union for the eurozone and thus substantially bring integration of the continent to a higher level.

In the United States, recovery is catching some wind in its sails. U.S. manufacturers report that North American business demand is improving. Retail and auto sales are picking up, while unemployment last month dropped to its lowest point since the spring of 2009.

As for China, the country will continue to serve as a strong engine for world growth in 2012.

China will seek stable and relatively fast economic growth next year amid the "extremely grim and complicated" global outlook, according to a statement issued after the closure of a three-day central economic work conference on Wednesday.

The conference agreed to set the main theme of next year's economic and social development as "making progress while maintaining stability," the statement said.

Though a slowdown of GDP growth is expected next year, the growth rate will remain at a comfortable level, both Chinese and foreign economists have predicted.

In the year to come, China is not, and does not intend to be the world's savior. But the country, with strong growth momentum, is ready to face the challenges ahead with the world again to help achieve a full and sustainable global economic recovery.

<<previous [1] [2] [3] [4] [5]