China’s economic resilience proves unreasonable predictions wrong
BEIJING (Xinhua) -- Pessimistic predictions of the so-called impending meltdown of the world’s second-largest economy have repeatedly emerged from the pens of certain Western China critics. Such unfounded theories have always collapsed, and this time will be no exception.
The latest pessimistic views on Chinese economy turned a blind eye to the fact that fresh economic data has already shown how China’s economy, which posted a growth of 8.1 percent in 2021 amid the pandemic, began the year on a bright note.
Several major indicators have improved and beaten forecasts. According to the latest data by the National Bureau of Statistics, China’s retail sales of consumer goods rose 6.7 percent year on year to 7.44 trillion yuan (about 1.17 trillion U.S. dollars) during the first two months of 2022, while the country’s value-added industrial output went up 7.5 percent.
In 2021, China’s foreign trade exceeded 6 trillion U.S. dollars for the first time. Contributing over 30 percent to global economic growth in recent years, China has become a key driving force for the world economy.
China, like any other country in the world, faces its own economic challenges. Chinese authorities have underscored a “triple pressure” -- shrinking demand,
supply shocks and weakening expectations -- and prioritized stability in the country’s economic work for 2022 in a tone-setting economic meeting. But exaggerating risks is not only unwise but also dangerous.
A March 16 meeting held by the
financial stability and development committee under China’s State Council has sent a crystal-clear message to the world. By urging measures to keep the country’s major economic indicators within an appropriate range and maintain the stable operations of the capital market, it manifestly responded to important issues concerning the Chinese economy, such as monetary policy, U.S.-listed Chinese firms, and the governance of the platform economy.
As Chinese media has put it, the timely meeting has “soothed the market and left investors reassured.” It has not only defused rumors and speculation but also underlined China’s consistent resolution to ensure no systemic financial risks arise.
At the root of the recurring pessimistic narrative regarding Chinese economy is a fundamental disagreement with China’s development paradigm among some critics.
Time and time again, such pessimistic predictions have been proved to be completely and demonstrably wrong. Yet such critics persist in regurgitating their inaccuracies and falsehoods.
Continuous reform, which the country has consistently upheld, was a driving force behind sustainable economic growth as China shifted from a stage of highspeed growth to a phase of high-quality growth. Opening-up policies that China has pledged to advance will also stimulate economic growth and development.
Unreasonable pessimism will be of no help in understanding the reality. Only rational and objective analysis can lead to correct judgement.