By Li Hongmei People’s Daily Online

Resolving “to rethink, redesign and rebuild the global economy” acts as the basic theme running through the just concluded World Forum Annual Meeting 2010 in Davos, where participants convened to ensure the principled growth and sustainability. Immediately after stumbling out of the ICU, the global recovery is still fragile. Now it is the high time that the global powers were bent on rethinking values while rebuilding prosperity.

The Chinese Vice Premier Li Keqiang also uttered the Chinese echoes to the Davos tone of “rethinking”, stressing that only in the cooperative spirit to develop, and with the tolerant attitude to create the future, will the global economy get on the right track for recovery and sustainable development.

Presently, there appears a dim light at the end of the tunnel that things are looking up. According to the latest report by the International Monetary Fund (IMF), the world’s economic growth is expected to arrive at 3.9% in 2010. In particular, China’s economic growth is likely to take the lead in the global recovery by 10%. Mr. Li Keqiang, instead, pointed at the meeting that the undeniable reason to explain why the global economy has taken the initial step to get rid of the specter of crisis was nothing but the hand-in-hand cooperation and the common response from the countries all across the world.

Admittedly, the route to an all-round recovery is still bumpy, and perhaps, risky. Besides, it is noteworthy that the relaxation of a potential crisis would possibly dampen the willingness for international cooperation, herein hidden a peril: those who otherwise would huddle together for winter will in likelihood be infected by the so-called “Prisoner’s Effects”, nipping off the revival hope in the bud. The conspicuous examples are that recently trade protectionism seems to regain the ground and the policy tussles on the “Exit” strategy are looming. At the time, people should learn a good lesson from the Great Recession plaguing the century gone by----All that has been achieved in salvaging the sinking market is abruptly spoiled by the ominous waves of Protectionism.

Past experience, if not forgotten, is a guide for the future. Today’s international community should promptly convert promises into actions, strongly opposing to protectionism in any form, substantially pushing forward the free flow of trade and investment and facilitating a more open global market.

As for “Exit” strategy, the international conciliation and agreement should be taken into full account. History has manifested that the “Exit”, if defying order and timing, could only bring about foul outcome. The Great Recession in 1930s, for example, failed in the process of a sluggish recovery, as a result of the failed conciliation and agreement from the countries involved on the ‘Exit” mechanism. Consequently, the global recovery as a whole was retarded, sending many countries into a second dip.

As seen from above, even the “Exit” also calls for actions in unison and on the basis of the global cooperation. On the flip side, the still ailing economy would be sapped vitality if hit by a second wave of fluctuations.

In a backdrop of such that the Sword of Damocles featuring unemployment, debt, and capital bubbles is still hovering over the world’s economy, only through sincere cooperation can the affected countries brave the storms and get back on the track of long-term resurgence and avoidance of future crises.

In times of post-crisis, a globally governing structure with equal participation embodied and the principles of cooperation and tolerance highlighted needs to be put in place, and hopefully, it may cure the persistent ailment and benefit the entire world.