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New Year resolutions the world’s economies need to stick with

Here we are: The start of a new year and 365 fresh new pages to write! Exciting times – for most of us.

But I bet in the first few days of 2016 there are already those that suffer from pangs of guilt.

Yes, those New Year's resolutions that some of us choose to make; promises that seem destined to fail but I guess we need some way to motivate ourselves to higher standards.

So following on from tradition, I thought I would come up with some New Year's resolutions for the world's biggest economies.


The US

Here's an easy one to stick to in 2016: We will not make the financial world discuss and debate ad nauseum when the Federal Reserve will hike interest rates. Yes: Janet Yellen and Co finally did the historical deed in the last month of 2015 with muted market response.

But in 2016 the Fed will need to be careful how often it wants to lift borrowing rates and how well it communicates it to the markets. No one wants a repeat of 1994 when the US markets panicked, losing 10 percent at the bottom after they were surprised with seven interest rate increases in a year.

China

A trader on the floor of the New York Stock Exchange, Dec. 31, 2015.
Lucas Jackson | Reuters
A trader on the floor of the New York Stock Exchange, Dec. 31, 2015.

Monday's market shock aside, how about for the New Year we stick to just one economic plan? Let's not shock global markets again with, for example, a sudden move to weaken the yuan by the most in 20 years after allowing it to strengthen by a third for the past decade.

China also needs to decide whether or not the country really wants freer markets as the country's leaders have openly advocated. In 2015 – China often bailed out its stock markets, with state-owned banks and insurers buying up stocks when markets fell.

Japan

Just stop making the same New Year's resolution! Stop promising to find inflation that's been hiding for over 10 years. In 2015 – we saw the Japanese economy barely escape a technical recession for the second time in two years.

That was only avoided after a second revision in the country's gross domestic product calculations. And this is despite a record stimulus program by the country's central bank. Consumer prices have also barely budged even with the country's sales taxes at their highest in history. Japan can't seem to find sustainable inflation as the latest December numbers show a declining trend heading into year's end.

Susan Li is an anchor for CNBC, follow her on @SusanLiTV.

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