Current location:Earth Edges news portal > travel
Commentary: What is behind the "China shock" concoction
Earth Edges news portal2024-05-08 06:37:34【travel】5People 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://senegal.allesfuersjagen.com/content-82f099887.html
Very good!(5)
Related articles
- Ariana Grande shakes up the 2024 Met Gala with a surprise performance of her biggest hits
- House fire kills 4, injures 1 in east China
- Guizhou slated to get new national park
- British gymnast Ondine Achampong suffers ACL tear ahead of Paris Olympics
- Luis Miranda Jr. reflects on giving, the arts and his son Lin
- Neymar to return to Santos in 2025: reports
- Southgate names England squad for friendlies
- Courtois has surgery after another knee injury
- Stars quickly go from tight series over reigning Cup champ to big
- House fire kills 4, injures 1 in east China
Popular articles
Recommended
Arrested US soldier awaiting hearing in Russia on theft charges
Real Madrid complaint says ref 'negligent' on Vinicius abuse
Quanjude opens new store in Beijing's Wangfujing
Shanghai Half Marathon gets ready to gun off
PGA Tour goes to Quail Hollow ahead of PGA Championship. Nelly Korda goes for 6 in a row
Aston Villa extend Emery's contract until 2027
Giant pandas set to travel from China to San Diego Zoo
French Open: Chen/Jia fight back to win women's doubles title
Links
- Literacy, numeracy tests as NCEA requirement 'detrimental' to learners
- Police, iwi and gangs hold hui after rugby club van shot at
- Auckland woman's breath
- Kate's cancer diagnosis updates: Reactions from around the world
- One critically injured in Auckland crash
- Second man accused of Ellerslie murder named
- Tarata Road gravel fix plan raises ire of small Taranaki community
- Fighting rages across Gaza amid revival of truce talks
- Two bodies recovered as divers search river after ship hit Baltimore bridge
- Literacy, numeracy tests as NCEA requirement 'detrimental' to learners