Current location:style >>
Commentary: What is behind the "China shock" concoction
style61435People have gathered around
Introduction(Xinhua) 11:23, March 09, 2024This photo taken on Nov. 22, 2023 shows the installation work of the c ...
This photo taken on Nov. 22, 2023 shows the installation work of the curtain wall at the Central Business District (CBD) of Egypt's new administrative capital, 45 kilometers east of Cairo, Egypt. (Xinhua/Sui Xiankai)
Beijing actively helps foster the development of developing countries through technology transfer, financing, and training initiatives. These endeavors accelerate their industrialization processes, nurturing potential for future growth.
BEIJING, March 8 (Xinhua) -- Western media outlets are known for their knack of coining new terms to diffuse the "China threat" theory, and their latest invention is the "China shock."
By insinuating that China's export products pose a threat to other economies, the intent is clear: to curb China's development and its economic ties with the world.
Currently, while the global inflation pressure has slightly abated, it continues to present a significant challenge to the global economy, with major advanced economies still grappling to meet their central banks' inflation targets, and ordinary people struggling to pay their bills because of rising prices.
Amidst this economic backdrop, China has emerged as a pivotal force in curbing global inflation. With its resilient manufacturing industries, China can provide affordable and quality goods and services, thereby contributing substantially to the containment of inflation worldwide.
Even The Wall Street Journal, a pioneer in hyping up the so-called "China shock" this time, has to admit that a study found in 2019 that consumer prices in the United States for goods fell 2 percent for every extra percentage point of market share by Chinese imports, with the biggest benefits felt by people on low and middle incomes.
China's trade and economic partnerships with other countries go beyond mere exportation of goods. They are not winner-take-all scenarios, but forged by equal consultation and characterized by shared benefits and sustainable development.
Beijing actively helps foster the development of developing countries through technology transfer, financing, and training initiatives. These endeavors accelerate their industrialization processes, nurturing potential for future growth.
Take the Mombasa-Nairobi Standard Gauge Railway as an example. With China's input, the project, which links Kenya's two biggest cities, has reduced travel time and the costs of freight service, stimulating commerce and investments along its corridor. The railway has also created nearly 50,000 job opportunities, and trained more than 1,700 railway technicians and management professionals.
Yet U.S. media outlets like The Wall Street Journal have chosen to ignore those obvious facts as they rack their brains in their make-China-look-bad terminology workshops. Their deceitful inventions, many of which smell of the globally rejected "decoupling" theories, can fool no sober mind.
Talking about the cost of "decoupling" from China, the Nihon Keizai Shimbun said in an article that cutting off imports from China would cost Japan 53 trillion yen (353 billion U.S. dollars) in lost revenue, which is equivalent to 10 percent of Japan's annual GDP losses.
The article warned that "decoupling" would make everything in the world much more expensive at a time when global supply chains have been hit hard by geopolitical conflicts.
Gary Clyde Hufbauer, a nonresident senior fellow at the Peterson Institute for International Economics, argued that whether labeled as "decoupling" or "de-risking," the United States is steering towards the misguided path of neo-mercantilism which emphasizes trade restrictions.
While close economic cooperation and a more open world economy are desperately needed for global economic recovery, drumming for protectionism is the last thing the world needs.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Cultural Crossings news portal”。http://canada.chongwenmenhotelbeijing.com/content-15e999921.html
Related articles
Who is Jacob Zuma, the former South African president disqualified from next week's election?
styleJOHANNESBURG (AP) — Former South African President Jacob Zuma was barred Monday from running for Par ...
【style】
Read moreRicky Stenhouse punching Kyle Busch could lead to suspension
styleNORTH WILKESBORO, N.C. (AP) — Ricky Stenhouse Jr. threw a right hook at Kyle Busch, and suddenly, an ...
【style】
Read moreBrazil replaces injured goalkeeper Ederson in Copa America squad
styleRIO DE JANEIRO (AP) — Brazil coach Dorival Júnior has replaced injured goalkeeper Ederson with Sao P ...
【style】
Read more
Popular articles
- Nuggets blow 20
- Uber and Lyft say they'll stay in Minnesota after Legislature passes driver pay compromise
- Uber and Lyft say they'll stay in Minnesota after Legislature passes driver pay compromise
- Fresh heartache for cancer
- A warrant for Netanyahu’s arrest was requested. But no decision was made about whether to issue it
- Shohei Ohtani's first walk
Latest articles
Amtrak train hits pickup truck in upstate New York, 3 dead including child
Analysis: Larson enters conversation with Verstappen as best drivers in the world
Company wins court ruling to continue development of Michigan factory serving EV industry
French sports minister calls for sanctions after Monaco player tapes over anti
Pentagon vows to keep weapons moving to Ukraine as Kyiv faces a renewed assault by Russia
Hall of Fame outfielder Ken Griffey Jr. to lead Indianapolis 500 field in Corvette pace car
LINKS
- Chinese auto industry hits milestones in 2023
- Rising tide
- Xi Calls for Better Integration of Modernization Process in China, Singapore
- Chinese President Meets Red Cross President
- HK's tourism continues rebound in 2023 with 34m visitors
- Exports of Taiwan liquor from mainland thrive
- China launches new sea routes to South America as trade booms
- Chinese Taipei athletes feel at home in Hangzhou
- Xi Extends Condolences to Moroccan King over Deadly Earthquake
- China's car production, sales hit a record high