Your current location:HOME >travel >World should act as one when it needs China to play a role in creating economic growth 正文
TIME:2024-06-03 18:00:35 Source: Internet compilationEdit:travel
Affected by the COVID-19 pandemic, it’s not easy for the global economy to recover and improve withi
Affected by the COVID-19 pandemic, it’s not easy for the global economy to recover and improve within just half a year. When China has achieved phased results in containing the disease at home, a lot of observers have started to cast their eyes on China, wondering whether the improving Chinese economy could lead the global economy toward growth.
China acted as the engine of the global economy during the 2008 financial crisis. Supported by the macroeconomic policies, the country bought huge quantities of raw materials and goods from foreign countries, effectively spurring the growth of the global economy.
China’s current economic aggregate is much bigger than before. Back in 2008 when the country played a major role, its economy accounted for only a small share of the global total. Now, with a larger economy, the country theoretically has a stronger capability to drive global economic growth.
Objectively speaking, China is likely to register a positive economic growth this year, and the growth will be one of the fastest among major economies. However, it’s uncertain whether the Chinese economy could drive the global economy forward as it did in 2008. This is not because China is not willing or able to do so, but because the changing global situation has hindered the country from playing its due role.
The reason why the global economy was able to walk out of the shadow of the 2008 financial crisis in a relatively short period of time was that countries were highly coordinated under the then global policies. At that time, all economies worked together to form a joint policy force.
However, major economies are now acting on their own free will; some are even undermining the work of others. When countries fail to act in a coordinated manner, no substantial progress can be achieved.
The chaotic way of some countries in responding to the pandemic has also hindered China's role. Unlike the 2008 financial crisis, which was mainly caused by problems with economic fundamentals, this economic turmoil was triggered by the COVID-19 pandemic.
China and other countries have promoted economic growth under the premise that the pandemic has already been controlled. However, as the epidemic situation in some large economies is still deteriorating, the foundation for promoting global economic development doesn’t exist.
The current international political situation has changed dramatically from that during the financial crisis. However, some countries are not concerned about whether China could drive global economic growth, or even whether the global economy is recovering. Instead, they frequently confront China on geopolitics, ideology and international order.
They have imposed malicious restrictions on Chinese investment, suppressed trade with China, restricted scientific and technological exchanges, and launched unwarranted countermeasures on issues concerning Hong Kong and Xinjiang. All of these have hindered China’s role as an economic engine and slowed the economic growth of relevant countries.
Because of the abovementioned reasons, it may not be realistic to expect China to drive the global economic recovery as it did in 2008. China must first ensure the stable development of its own economy, and based on this, it will achieve prosperity with some economies that are willing to develop together.
The latest statistics show that China's imports and exports achieved growth in June. Among them, China-U.S. trade has dropped sharply, China-Europe trade declined slightly and China-ASEAN trade grew significantly.
Whether China can still become the locomotive of the global economy depends on whether other countries can focus on the economy itself and trust and choose to meet China halfway.
The author is deputy director of the Center for American Studies, Fudan University
Paris Olympics: What to know and who to watch during the boxing competition2024-06-03 17:47
Myanmar quietly announces plans to study controversial Chinese dam project suspended 13 years ago2024-06-03 17:45
North Carolina governor heading to Europe for trade trip2024-06-03 17:28
Arizona State tabs Graham Rossini as its next athletic director2024-06-03 17:14
Real Madrid win lifts Shakhtar into next Champions League. Dortmund loss means Eintracht miss out2024-06-03 16:49
Harvard holding commencement after weekslong pro2024-06-03 16:32
Princess Marie2024-06-03 16:28
Patrick Mahomes' Dad Bod diet: Chiefs quarterback loves a cheat meal from Chick2024-06-03 16:02
English golfer Laurie Canter holds nerve to win European Open by 2 shots2024-06-03 15:54
Adult day services provide stimulation for older Americans, and respite for full2024-06-03 15:28
Parade for Israel in NYC focuses on solidarity this year as Gaza war casts a grim shadow2024-06-03 17:50
'Heat dome' leads to sweltering temperatures in Mexico, Central America and US South2024-06-03 17:43
Kenyan climber is found dead on Mount Everest in Nepal2024-06-03 17:39
Brunson has surgery to repair broken left hand, and Knicks say Bogdanovic also underwent procedure2024-06-03 17:33
Nelson Mandela's ANC party that freed South Africa from apartheid loses its 302024-06-03 17:28
Rose Bertram shows off her enviable curves in a beige one2024-06-03 17:14
Political consultant behind AI2024-06-03 17:01
Dangerous brew: Ocean heat and La Nina combo likely mean more Atlantic hurricanes this summer2024-06-03 16:27
Todd Blanche says he was shocked Donald Trump took the verdict with 'solemness'2024-06-03 15:59
Gemma Collins claims she 'never wanted' to make 'painful' show about her teenage self2024-06-03 15:17