The Western media seems restless when it comes to bleak predictions about China’s economy. “Panic in China,” “China’s stimulus falls short,” “economic woes” – these latest narratives, filled with schadenfreude, once again demonstrated their persistent misjudgment of China’s economic resilience.
The predictions amount to little more than psychological warfare, revealing their superficial grasp of China’s true capabilities. Among these prophets, there is a voice that believes that China’s economy is vulnerable to external pressure from trade wars or chip restrictions. However, they deliberately overlook China’s extraordinary adaptability and capacity for counteraction, which are the key factors behind its economic resilience.
This adaptability reassures us that China is not easily swayed by external pressures.
While Western media analysis focuses on the magnitude of US pressure, what requires more attention is China’s fundamental economic dynamics. History has repeatedly shown that China’s economy cannot be overwhelmed by external destructive forces. China’s development path over the past decades has never been smooth, weathering multiple external storms, including the Asian and global financial crises. Yet China has survived these various challenges and emerged with an even more solid foundation for development.
The other side of Western exaggeration of the impact of external pressure on China, especially that from the US, is their oversight of China’s comprehensive preparation for external challenges. Despite that the US launched the trade war in 2018, China has never stepped back from its reform and opening-up efforts, constructing a robust dual-circulation economic model.
The data tells a compelling story. In 2018, US-China bilateral trade totaled $633.52 billion, an 8.5 percent year-on-year increase. By 2023, this figure was $664.45 billion, an 11.6 percent decline, primarily due to trade war impacts. However, China’s total foreign trade in 2018 reached 30.51 trillion yuan, with exports at 16.42 trillion yuan (up 7.1 percent) and imports at 14.09 trillion yuan (up 12.9 percent). By 2023, China’s total foreign trade value had surged to 41.76 trillion yuan, an increase of 10 trillion yuan – a testament to China’s economic resilience and growth despite adversity.
China’s strategy for dealing with external turbulences is multifaceted and comprehensive. This comprehensive approach instills confidence in China’s ability to navigate the challenges such as the trade war. The cornerstone of this strategy is actively expanding export markets beyond traditional destinations.
Moreover, China’s manufacturing capabilities have evolved far beyond essential commodities. Currently, China leads in crucial sectors such as electric vehicles, solar panels and advanced telecommunications equipment.
Those betting against China’s economic resilience will again find themselves on the wrong side of history. China will continue its global engagement and creation of prosperity. The reality is evident: No external force can derail China’s development trajectory.
GT
