CHINADAILY.COM.CN/OPINION CHINA DAILY THURSDAY, AUGUST 9, 2012 7 Comment editorials • opinion

CHINADAILY CHINA FORUM | SHEN DINGLI EDITORIALS Sea disputes expose US bias Just play and enjoy it

AUG 8 IS NATIONAL FITNESS DAY IN CHINA. THIS IS Beijing has been constructive in handling ties with Hanoi and the day when the Beijing Olympics was declared open in 2008. Since 2009, this day has been marked to encourage people to play Manila despite their recent maritime claims in South China Sea sports, exercise and honor the Olympic spirit. Chinese hurdler Liu Xiang’s perseverance and optimism make he United States has Vietnam was united that it started to Th e US has called for regional stabil- honor their past statements and doc- him a perfect role model for this year’s National Fitness Day. termed the estab- negate its previous statements. Simi- ity. But it is the change in Vietnam’s uments which recognize China’s sov- Liu crashed to the ground at the fi rst hurdle in the 110-meter lishment of Sansha larly, it was in the past decade that the stance of recognizing China’s sov- ereignty over the islands and islets. hurdle heats at the London Olympics on Aug 7. His Achilles city in Hainan prov- Philippines started expanding its ter- ereignty over Nansha and Xisha To unilaterally change a policy that tendon became his Achilles heel again at the Olympics. He had ince by China to ritorial claim to the Huangyan Island. islands that has altered the status aff ects two countries and use military taken only a few steps and withdrawn from the Beijing Olympic T administer Nansha, Th ere may be disputes on sover- quo. Hanoi’s move has destabilized means to enforce that change is irre- Games because of injury. Xisha and Zhong- eignty over the overlapping waters the region and created tension in the sponsible and unacceptable. His exit disappointed millions of fans again. Yet most people sha islands an “unhelpful” act. Th is off the continental shelf between South China Sea. Contrary to the other countries’ sympathized with him because he has been a true inspiration unfair and unhelpful remark of the a country or countries ringing the Similarly, the change in the Philip- actions, China has exercised utmost US is regrettable. South China Sea. However, there was pines’ long-held position over the restraint toward its neighbors despite for one and all. For ages, China has explored and no dispute between them and China Huangyan Island, reinforced recently their predatory moves. It is Beijing, Liu broke the 13-year-old world record in 2006 and main- tapped the entire aforementioned over the islands and islets in the by its gunship threat to Chinese not Hanoi and Manila, that has been tained a high competitive level despite his serious tendon areas in the South China Sea and South China Sea until the 1970s. fi shermen, has impaired China’s sov- constructive in handling its relations injuries. His coach said that his injuries have been so serious successive Chinese governments If Vietnam and the Philippines are ereignty and hence destabilized the with neighbors over the disputes. that he has to seek treatment for several months aft er running have ruled over various parts of the ambitious to expand their sovereign South China Sea. Th e US government has demanded just one race. islands and waters for more than 10 claim over Nansha, Xisha and/or One wonders why the US says freedom of navigation in international Despite the diffi culties Liu has won 36 races, come second in 6 centuries. It is on this basis that the Zhongsha islands, they have to talk China is “unhelpful” instead of waters, including the South China and third in 3 others in 48 international competitions since 2000. Chinese government offi cially reiter- with China. Taking unilateral action to saying that Vietnam and the Philip- Sea. In fact, Beijing and Washington He is the fi rst Chinese hurdler to break a world record, and win ated its sovereignty over the islands make changes without seeking China’s pines have negated their long-held have a common interest in ensuring gold both at the Olympic Games and the World Championships. and waters, along with Dongsha consent will simply not work. sovereign policy over parts of or the that international waters are easily Liu’s glorious, and at times painful, career gives him enough Islands, in the 20th century. China’s decision to establish the entire Nansha, Xisha and Zhongsha accessible for peaceful purposes. reason to hang up his boots. But he has not, for he is racing Th is met with no international city of Sansha is a response to the islands and islets. However, the US’ partial stance against himself. Each second he spends on the track is the result objection until a couple of decades provocative actions of Vietnam and It is true that China and the US, on the South China Sea — calling of years of rigorous, and oft en dull, training. ago. Th e Philippines had limited its the Philippines, so that it can more as well as all other countries, will the responsible actor “unhelpful” eff ectively administer the areas and benefi t from regional stability. But and ignoring the provocative actions In doing so, Liu has taught us how to enjoy playing sports. westernmost territory east of Huang- yan Island, the easternmost island enforce China’s legal jurisdiction over the US’ response to the provocative of the other countries — is creating Liu has taught us how to be optimistic, too, by overcoming of China’s Zhongsha Islands. Till its sovereign space. Th is action is actions and change in positions of regional instability in this part of the pressure, enjoying the competition and making friends. Th at’s the 1970s, Hanoi agreed repeatedly within China’s sovereign rights and Vietnam and the Philippines should world. And it will be responsible for why even people outside China are worried about his health and and offi cially, in various written and serves to deter predatory actions of be impartial. sowing the seeds of realpolitik. fi tness. But Liu comforts them with his infectious smile and his verbal forms, with China on Chinese some of China’s neighbors, though it China is not demanding that Viet- words: “Take it easy. It’s only a game. Enjoy it.” sovereignty over Nansha and Xisha has come belatedly. nam and the Philippines yield their Th e author is a professor of interna- Liu updated his micro blog before the 110-meter hurdle heats, islands. It is in this context that the US legitimate national interests in the tional relations at Fudan University, saying: “I will enjoy my Olympics.” It was only aft er the 1970s and aft er remark on Sansha should be seen. South China Sea; it is asking them to Shanghai. Let us also enjoy the sports we play and keep fi t, for that is what National Fitness Day is all about, and hope that Liu is back to blaze another trail on the tracks soon. PANG LI Outbound investment risks

CHINA’S OUTBOUND INVESTMENT IS SET TO increase as domestic companies look for overseas opportuni- ties and expand their global presence. But risks still abound, as previous deals have shown. A report by consulting company Ernst & Young says China’s overseas investment will surge to $160 billion by 2020 and the debt-crisis-ridden Europe has become the top potential destina- tion for Chinese investors. Th e forecast is in line with offi cial estimation. According to the Ministry of Commerce, China’s outbound direct investment in the fi rst half of this year increased 48.2 percent year-on-year to reach $35 billion. Th e explosive growth in China’s overseas investment is not surprising. Records indicate that when a country’s per capita GDP reaches $5,000, there is sharp increase in the number of its enterprises eager to tap business opportuni- ties abroad. China has crossed that threshold, and as Chinese enterprises get richer their thirst for more overseas mergers and acquisitions will grow. Since Europe is beset with the debt crisis and its assets are priced relatively low, many Chinese investors have set their eyes on European businesses. Th e Ernst & Young report, quoting surveys, says Europe would be the most desired investment destination for Chinese investors in the next three years. Admittedly, the crisis has pushed down the prices of many ZHU YUAN European assets. But with the crisis still unresolved, it is hard to fathom where exactly the bottom is. Th e past has taught harsh lessons to potential Chinese buyers. China’s major insurer Ping An Insurance (Group) Company The tragedy is wealth polarization of China Ltd, for example, bought more than 4 percent stake in Dutch-Belgian fi nancial services fi rm Fortis aft er the latter’s he tragedy of the commons interest and common or collective past 30-odd years seem to justify development of knowledge-based shares had dropped about 40 percent in the previous seven is how Francis Fukuyama interest were compared in China in the tragedy of the commons. But economy have changed the way we months. Th en the deal was hailed as worthy. But the ensuing Tdescribes the infeasibility the decades before the 1970s. Col- that is defi nitely not the end of the look at development. Innovation is debt crisis battered Fortis, drove down its share prices still lower of Utopia in his new book, lective interest was compared to a dilemma. necessary for fi nancial services. and caused serious losses to Ping An. Th e Origins of Political Order. When river and self-interest to a brook. Th e ever-widening income gap Yet when innovative fi nancial Cash and ambition alone are not enough to ensure Chinese Garrett Hardin used the phrase as a Th e brook would die a natural death between the haves and have-nots services turn out to be ways that investors’ success on foreign soil. Th ey need to be cautious even title for his article in 1968, he actually if there was no water in the river. So over the past decades, not just in fi nancial companies use to maxi- if the debt crisis has made many assets in Europe seem attractive, talked about the dilemma: When every individual was supposed to China but also worldwide, refl ects mize their profi ts at the cost of their for it is not clear in which direction the crisis will evolve. Invest- everybody owns something, nobody make contributions to the collective the tragedy of polarization of clients or the entire economy, it ment is a long-term process and the signing of an investment owns it. interest to fulfi ll their self-interest. wealth. Privatization seems to have would be naive to believe they are We Chinese have a similar saying People were taught to forget their unraveled the dilemma. But selfi sh- helping develop the world economy deal does not necessarily mean it will work. to describe almost the same thing: self-interests and instead concen- ness is part of human nature and with their innovations. Recent years have seen some successful Chinese trailblazers A monk fetches water in buckets trate on enhancing their awareness people’s greed increases with their Th e tragedy of the commons only overseas, but in many cases Chinese investors have failed to hanging from a bamboo pole on of collectivism. Th e rationale was capacity to amass wealth. Th e trag- points to the necessity and impor- achieve what they had sought to because of reckless decisions. his shoulder; when he is joined by that once the majority of people edy of polarization of wealth is the tance of property rights. It does If we fail to learn from such lessons, we may end up paying another monk, he shares the burden became altruistic, they would join downside of capitalism. not mean that privatization of the more in the future. with him, but when a third monk hands to increase the common Th e Wall Street turmoil and the commons will necessarily solve all joins them, they try to shift the wealth, which would ultimately global fi nancial crisis have proved the problems created by individuals’ responsibility to each other and as a meet the needs of all individuals to the trend of such polarization. selfi shness. CONTACT US result, they don’t have any water to lead a better life. In an article, fi nancial expert Th e question of the greedy 1 per- China Daily China Daily USA drink. Simply put, when something Rather than confi ning selfi shness Chen Zhiwu attributes the widening cent versus the hard-up 99 percent 15 Huixin Dongjie 1500 Broadway, Suite 2800 is everyone’s responsibility, it is of individuals to a reasonable sphere income gap to the changed mode that the Occupy Wall Street protest Chaoyang, Beijing 100029 New York, NY 10036 nobody’s responsibility. through reasonable rules and com- of economic development. When has raised is not just a cliché. It is a News: (001) 212 537 8888; [email protected] Th is logic has been used to jus- petitions, the idealists of the times it comes to Wall Street, Chen says serious issue that calls for serious (86-10) 6491-8366 tify private ownership of property pinned hopes on turning all individ- it is baseless to accuse the fi nancial consideration on the part of scholars [email protected] China Daily Hong Kong Room 1818, Hing Wai Centre or distinction of property rights uals into altruists, who would enthu- CEOs of being greedy because the and politicians because the world Subscription: 7 Tin Wan praya Road (86) 400-699-0203 or individual responsibility since siastically contribute to the building fi nancial services they provide are cannot wait until the dissatisfi ed Aberdeen, Hong Kong [email protected] every human being is assumed to be of a society of common good. diff erent from what their predeces- 99 percent cannot put up with the (00852) 2518 5111; [email protected] Advertisement: selfi sh. But when everyone is busy But such a society was too good to sors off ered. If they are paid less, greedy 1 percent any more. (86-10) 6491-8631 China Daily UK fulfi lling his or her own self-interest, become reality. they will lose the incentive for inno- [email protected] 90 Cannon Street the limited common resources will Th e reform and opening-up vation. Th e author is a senior writer of China Phone app: London EC4N 6HA ultimately be depleted. China initiated in the late 1970s I agree with him, but only partly, Daily. E-mail: zhuyuan@chinadaily. chinadaily.com.cn/iphone (0044) 0207 398 8270; [email protected] Th is reminds me of how self- and what it has achieved in the that information technology and the com.cn