If the ongoing turbulence in the global stock markets, the Chinese stock market in particular, is a cause for alarm, increasing uncertainties about the prospects for global growth justify urgent measures to shore up economic growth.

The latest monetary easing by China's central bank should be more than welcome in the light of the importance of a healthy Chinese economy not only for the global recovery but also investor confidence at home and abroad.

After two consecutive days of 8 percent losses in the Chinese stock market, the sharpest two-day plunge in about two decades, the People's Bank of China announced cuts in interest rates and the amount of reserves banks must hold on Tuesday; the second round of cuts in two months.