Since the beginning of this year, there have been a growing number of false allegations from the West. They have consistently propagated the idea that the Chinese economy is teetering on the edge of imminent decline and collapse. These discussions have gone so far as to suggest strategies for managing this perceived crisis, portraying Chinas economy as being in deep peril and posing an increasing risk to global economic development.
There are several underlying factors that contribute to this trend. There have been major challenges and adjustments in the Chinese economy following the pandemic, particularly in light of threats from the US and many Western countries regarding their decoupling or de-risking from China and disrupting the supply chain. This approach is largely driven by the perception in the US that China is a competitor, adversary or even an enemy.
Additionally, many Western countries have been discussing a decline in Chinese export orders and import volumes, which is indeed true. This is primarily a result of the extreme interference of the US and several other countries in Chinas economic cooperation.
However, if you actually come to China, youll find a landscape of normal economic development with no significant disruptions to peoples livelihoods. Chinese society exhibits a high level of solidarity and unity, and China still serves as an attractive destination for foreign investment.
Furthermore, in terms of economic development, China is increasingly driven by technological innovation and breakthroughs. A recent example is the launch of Huaweis Mate 60 Pro smartphone, which is said to utilize 100-percent proprietary technologies and chips designed and manufactured in China. This clearly shows that the Chinese economy stands on the cusp of another revolution, positioning itself for higher levels of economic development.
Looking ahead, Chinas huge amount of data and continuous breakthroughs in the semiconductor industry, coupled with powerful algorithms to drive the digital economy, position China at the forefront of technological development.
Chinas continued growth is undeniable, with expectations of a 5.5-percent GDP growth this year, far surpassing that of the US and many other developed countries. This demonstrates the strength of Chinas economy and dispels any baseless claims of its imminent collapse, revealing the ulterior motives behind such false allegations.
This sheds light on the decision-making process in the US that Washington appears to conflate two concerns into one nightmare. First, they fret about China overtaking the US economically in the near future. Second, they worry that once China becomes larger and more influential, it might impose its political system, ideology and ways of doing things on the US. Consequently, they seek to provoke actions aimed at disrupting Chinas economic development and advocate for decoupling from China.
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Ive previously stated that decoupling between China and the US is similar to any attempt to decouple the earth and the moon - both a mission impossible and a potentially catastrophic endeavor. Moreover, portraying China as a risk in itself is misguided. China is not a risk; it has significant opportunities. Attempting to de-risk entirely is impossible, as risks and opportunities are inherent in every country and everywhere in the world.
The US needs to come to terms with the fact that Chinas economy may eventually surpass that of the US. Regardless of their actions, wishes or fantasies, Chinas economic development will persist. Furthermore, its important to note that China will not seek hegemony when it becomes stronger, whether in the past, at present or in the future. China will not impose its political system or ways of doing things on other nations. Instead, China aims to promote win-win economic development.
Therefore, the US concerns about China becoming the next "top dog" in the world and taking over the hegemony position of the US are unfounded and reflect their own anxieties and ambitions. The world is vast enough to accommodate both China and the US, as well as many other countries. "To live" and "let live" will be a mega trend for China and the US.
I have confidence in Chinas ongoing development. In recent years, Chinas economic development has contributed approximately one-third of the worlds additional GDP growth. I believe that China will maintain this momentum and continue to make significant contributions to global economic development. China is not in deep trouble; it is growing rapidly and robustly.
I urge everyone to have as much trust and confidence in Chinas economic development as I do. Lets be realistic - the Chinese economy will not only continue to develop but also may eventually surpass that of the US. Nothing will change in the world at that time, and the world will be multipolar.
The author is a guest professor at the Law School of Suzhou University and Vice President of the Center for China and Globalization.
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