Current location:Global Gazette news portal > world
Commentary: What is behind the "China shock" concoction
Global Gazette news portal2024-05-01 12:12:40【world】2People 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.
Address of this article:http://ukraine.graduatethesis.org/html-48e699855.html
Very good!(275)
Related articles
- Commentary: Chinese consumer market full of opportunities for global brands
- Huge shake up to NFL schedule could see the Super Bowl move to Presidents' Day weekend
- Chelsea Gray signs extension with 2
- Efficient Real Madrid making an art form of scoring when least expected
- Ecuador embroiled in diplomatic backlash after police break into Mexican embassy
- Alabama lawmakers propose compromise on gambling bill with lottery, electronic wagering machines
- Maple Leafs star Auston Matthews out for potential elimination matchup with Bruins
- Timberwolves coach Chris Finch to have surgery on knee after sideline collision, AP source says
- Tokyo 2020 Paralympic Games open
- Olympic refugee athlete Lohalith suspended in the team's 3rd doping case ahead of Paris Games
Popular articles
- Senior Chinese diplomat urges U.S. to adopt rational, pragmatic China policies
- Namestnikov and Dillon out for Game 5 against Avs due to injuries as Jets face playoff elimination
- Astros to option slumping 2020 AL MVP José Abreu to their spring training facility in Florida
- Astros to option slumping 2020 AL MVP José Abreu to their spring training facility in Florida
Recommended
China's home
Some North Carolina abortion pill restrictions are unlawful, federal judge says
More Republican states challenge new Title IX rules protecting LGBTQ+ students
Rodeo bullfighter wrangles three zebras on the loose in Washington
China's first artificial bred Pallas's cat dies
Bank of America, PNC, Citizens and Chase behind latest branch closures
Lucknow beats Mumbai by 4 wickets to rise to third in IPL
EPHRAIM HARDCASTLE: French magazine uses AI photographs to predict the Royal Family's future
Links
- Commentary: Forced labor fallacy debunked by facts
- Let fruits of internet development benefit more countries, people
- Thingyan water festival kicks off in Myanmar
- Dramatic moment carpenter, 25, who stabbed four people then murdered a Good Samaritan is arrested
- Revealed: The great town hall betrayal. Humza made big promises
- Propaganda won't eliminate harms of Japan's nuke wastewater discharge plan
- Commentary: Global community must stop Japan dumping nuclear
- President's trip paves way for more outcomes
- Xi Focus: Xi Jinping Meets Ma Ying
- Yangtze River Delta ecological integration set an ecologically development sample