Is the economic status of China to change for the future?

To this very day, China has been given many honourable tags varying from the economic engine of the world to the global factory of most goods. However, will all this change for the better with the changing economic environment?

It seems like the answer is Yes. This response comes amidst the European Commissioner Chief Joe Manuel Barroso latest comments. "I very much hope that China gives an important contribution to the solution of this financial crisis. It's a great opportunity for China to show a sense of responsibility," he said. "It's very simple: we sink together or we swim together." One needs to look at the implications of this statement in order to address the potential for China to change its economic status.

If China were to contribute greatly to the economic downturn, it seems like it would further strengthen existing ties with Europe. This comment is not without basis since Angela Merkel has recently illustrated her intentions by stating that "cooperation with China is of utmost importance" for Germany. This cooperation is also important to China with the Chinese Premier Wen Jiabao stating that "cooperation with Germany was "extremely important" and that China "counts on investment from Germany."

In relation to Barroso's latter comment of "we sink together or swim together" relates to the economic downturn as global rather than limited to Europe and other western countries. His comment isn't unfounded since At one stage Japan's Nikkei was down 7%, its lowest for the past five years.In Australia, amid fears of global recession the Sydney stock market was down 4.4%.In Korea shares were down 7% and in Hong Kong the Hang Seng closed 4.7% down. It seems like from these figures a solution for the global economic crisis will create unprecedented rewards for China. The rewards come in the form of a better global image, which is specific to Europe and a possible threshold of other business ventures in China.