60 years in review, from rags to riches for PRC

　　If last year's Olympics was China's “international coming-out party,” then this year's grand birthday bash was an occasion for the debutant to show how confident and assertive it can move to the center stage of the world arena.

　　The event took place right after Hu Jintao, who wears three hats as state president, Chinese Communist Party general secretary, and chairman of the all-powerful Central Military Commission, returned from a “summit journey” to America where he attended the United Nations summit on climate change in New York and the Group of 20 Summit in Pittsburgh. The Chinese leader played a pivotal role in both meetings as China is wielding ever-increasing clout on world issues, economic as well as political.

　　While China's ostentatious show of force last Thursday in Tiananmen Square was criticized by many in the world, including Taiwan's Democratic Progressive Party, as sable rattling and menacing, there were also others who did not see eye to eye, arguing that the country should not be faulted for letting the world know that “China has stood up” and deserves to take it's rightful place in the community of nations.

　　China's influence over world affairs has been rapidly growing and keenly felt since it hosted the 2008 Summer Olympics, widely hailed as the most spectacular and impressive ever. China topped the gold medal list with 52, dethroning the United States.

　　Right after the closing of the Olympics in August, the world was hit by a once-in-a-century financial storm. Wall Street melted down in mid-September and the world was suddenly thrown into deep economic recession. China was among the first in the world to respond to the crisis with a US$590 billion economic stimulus package to create jobs and increase spending. Beijing also invested billions of its foreign exchange reserves to buy U.S. debt and International Monetary Fund bonds to help prop up the world economy.

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