CHINA’S ECONOMY COLLAPSING? – IS IT A COINCIDENCE WESTERN PROPAGANDA IS BURYING THE CHINESE ECONOMY AT THE EXACT MOMENT BRICS IS EXPANDING?
Abbas Juma: Western propaganda is burying the Chinese economy at the exact moment that BRICS is expanding, is it a coincidence?
It’s even become a meme.
In 2001, Gordon Chang, a famous American lawyer and political commentator with Chinese roots, wrote a book called ‘The Coming Collapse of China’. In fact, it was this book that made him famous. In it, the ‘expert’ argued that the country’s collapse was imminent. He even named the year – 2011.
When the predicted events did not happen, Chang said he was wrong, but only by one year. In an article for Foreign Policy (FP) magazine, Chang claimed that the end of China was already near, and that everything would happen in 2012. He even urged readers to bet on it.
But those promises never came to pass. Then, in 2016, the indefatigable Gordon again announced the coming collapse of China, but wisely did not give a date.
Amusingly, in another FP piece, Chang urged people not to believe the IMF’s prediction that China’s economy would overtake that of the US by 2016. And in 2016, he wasn’t deterred by the fact that China had overtaken the US in terms of GDP converted into dollars at purchasing power parity.
“Rising tensions within the regime, economic turmoil, and a more vibrant society. China appears to be entering a new period of extreme political instability,” wrote the perennially wrong expert in the National Interest.
The Economist, continuing Chang’s glorious work, waits from cover to cover for the collapse of the Celestial Empire. It’s reminiscent of Jehovah’s Witnesses waiting for Armageddon, and seems oblivious to the fact that its content is detached from reality. But there is no creativity at all – just pandas and dragons.
The West has been burying China’s economy for decades, in the same way it decided Russia’s economy was dead after the start of the military operation in Ukraine. A strong Beijing and Moscow is the United States’ worst nightmare. Only a close alliance between Beijing and Moscow could be more frightening – and today that not only exists, but is gaining more supporters. Thus, it is impossible to judge the new wave of ‘forecasts’ and ‘analyses’ about the imminent decline of China in isolation from the latest BRICS summit, where it was announced that six more countries will join the format.
The Wall Street Journal now says that the decision to include new players in BRICS is a victory for China and Russia. That doesn’t really fit with the new cover of The Economist, does it? RT.COM
The development of China will shatter all bad-mouthing voices
Currently, China’s economy does face new challenges. The meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee on July 24 summarized that the challenges mainly stem from insufficient domestic demand, difficulties in the operation of some enterprises, risks and hidden dangers in key areas, as well as a grim and complex external environment. The meeting also made an overall judgment – After a steady shift for the better in epidemic prevention and control, China’s economic recovery has been progressing with twists and turns. The economy has tremendous resilience and potential for development, and its long-term sound fundamentals remain unchanged.
These summaries and judgments are realistic without evading problems, and have a high degree of certainty. In this process, there may be waves and setbacks, which may make for a bumpy ride for China’s giant economic ship, but it will never have catastrophic consequences or reverse its direction.
Those who belittle China’s economy probably never expected it to prosper and develop. Their narratives are full of contradictory logic. One second, they may be exaggerating China’s economic development, saying it is too fast and too good, posing a threat to their interests. The next second, they start talking about China’s economic decline and the suffering it will bring to the world. One second, they are taking actions to contain and suppress China’s economic development and progress, and the next second, they hypocritically express concerns about the risks caused by China’s economic weakness.
When should the Chinese economy be “strong” and when should it be “weak” all depends on which script they need for the day. If one believes their words, the understanding of China and its economy would undoubtedly be greatly distorted. In a world where major global economies are encountering various degrees of economic and social development challenges and where there is a greater need to uphold international cooperation and economic globalization, these discordant voices will only erode confidence in global development and ultimately dig a pit for themselves.
As long as we maintain a broad sense of awareness, it is not difficult to see that there is a solid foundation for long-term confidence in today’s Chinese economy. Our manufacturing, service industries, and financial systems are all at historical highs. China’s industrial categories are the most comprehensive in the world, and our civilian products hold world-class competitiveness. The gap in technology with world-class standards is also continuously narrowing. The safety and convenience of living in China are evident, and the diligence and wisdom of the Chinese people have long been proven.
These are the most genuine fundamentals of the Chinese economy. Compared with the difficulties and even moments of crisis that the Chinese economy has faced in the past, we are now standing on an unprecedented foundation, with broader resources and richer experience to face our challenges. The journey of China’s economy to this point has not been smooth sailing; it has been a process of climbing hills and crossing obstacles. It has never been easy. The Chinese economy, which has weathered storms and challenges, will undoubtedly overcome the river that lies ahead.
One of the most tangible examples of potential of the Chinese economy is that on average, China has 220 vehicles per 1,000 people, compared with the approximately 800 in the US and 600 in Japan. China only needs to focus on its own affairs, carefully considering constructive suggestions and paying no attention to malicious attempts to undermine it. As the times goes by, the potential and resilience of the Chinese economy will become even more prominent. These facts will once again crush those pessimistic arguments, which will become insignificant historical dust, just as what has happened countless times in the past.
Of course, each stage has its own characteristics, patterns, and challenges, but it also presents opportunities, space, and potential. At the beginning of the reform and opening-up, due to the relatively weak foundation, there was more explicit room for growth. Now, we have achieved certain levels in various aspects, and it seems we’ve completed the easy tasks, leaving only a few tougher challenges to tackle. As long as the lives of the Chinese people have not reached a state of utmost perfection, there will always be room and potential for upward growth of the Chinese economy. Ultimately, the goal is to make our lives better day by day.
Anticipation and hope for the future serve as the inexhaustible driving force behind our efforts, and thus the Chinese economy will continue to thrive. GT
RT.COM / GLOBAL TIMES
.