Editor’s note: “Dumping excess capacity on global markets”, “The waste time of history”, “The economic malaise that is making people fat”…A series of newly developed concepts or unseen observations Conventional assumptions about the world’s second-largest economy have been widely disseminated, sparking fear, confusion and pessimism. Are these logical, well-founded and truly predictive concepts of the future, or are they exaggerations based on an erroneous perception, or even deliberate denigration resulting from a bias deeply rooted in mentalities? This week, Xinhua is publishing a series of three economic commentaries on this subject, of which here is the second.
BEIJING, Oct. 5 (Xinhua) — Western media have recently described China’s current economic situation as entering the “waste time of history”, suggesting that China’s economy has reached its peak and its model growth is now exhausted.
It is worth noting that many proponents of this argument are the same ones behind earlier narratives like “China’s Heyday” and “China’s Collapse”, reflecting a persistent bias.
The term “waste time”, borrowed from sports to denote a period when defeat is inevitable, misinterprets China’s development based on the erroneous assumption that China’s development is a sum-and-money competition. void with other nations.
In reality, China’s development strategy is self-determined and focuses on self-improvement rather than weakening others. This approach stands in stark contrast to the Western model, which is often characterized by expansion, repression and the relentless pursuit of domination.
The Chinese people are still seeking their own path toward national rejuvenation and modernization, a marathon-like journey requiring resilience, perseverance and sustained efforts.
At no point in its development has China experienced a “waste time”, neither at the start of economic reform in the late 1970s, nor during the COVID-19 pandemic when the global economy was paralyzed, and certainly not today, when the world grapples with trade fragmentation, protectionism and geopolitical conflicts.
Such “waste time” claims, which ignore the facts, prevent the public from understanding China’s economic trajectory and fail to account for the improving quality and momentum of its emerging sectors . If China no longer achieves the double-digit GDP growth of previous decades, this by no means means the end of its economic development. On the contrary, the country is transitioning to a high-quality growth model.
China’s economy no longer depends solely on traditional drivers such as labor, investment and land. It is now increasingly propelled by technological advances such as information technology, artificial intelligence, new energies, aerospace and biotechnology.
A report from the Chinese Academy of Science and Technology for Development reveals that China’s national innovation index rose to 10th in the world in 2023, jumping three places from the previous year, making it the only developing country to enter the top 15.
Since last year, China has achieved a series of technological milestones, including the first commercial flight of the large domestic C919 aircraft and the completion of the world’s first 16-megawatt offshore wind turbine.
China’s economic data for the first half of 2024 highlights the strength of its new growth engines. Production of service robots and new energy vehicles increased by 22.8% and 34.3% respectively, while investment in high-tech manufacturing grew by 10.1%, far outpacing growth total of 3.9% of investment in fixed assets.
The argument that non-capitalist systems are doomed to failure, as the “waste time” narrative suggests, is a Western view that ignores the diversity of economic systems that can thrive and which do it.
China’s track record of sustainable economic development has proven that Chinese policymakers never give in to adversity. They proactively address challenges and constantly find solutions to overcome obstacles.
Over the past decades, China has lifted hundreds of millions of its people out of poverty, an unprecedented feat in human history.
Another notable example is China’s commitment to climate action. Contrary to fears that it will hamper the global climate response, the country has established itself as an industrial leader in solar and wind power and battery technology, establishing itself as a power in the energy transition worldwide.
The digital shift in China’s manufacturing sector reflects the Chinese government’s proactive approach to policymaking and promoting industrial upgrading.
More than 1.5 million robots are currently used in Chinese factories, twice as many as in Europe. By 2023, China accounted for more than half of new industrial robots installed worldwide, according to the International Federation of Robotics.
Over the four decades of reform and opening-up, despite a steady stream of alarmist predictions, China’s economy has consistently defied predictions and exceeded expectations, each time proving the pessimists wrong.
It is therefore entirely appropriate to view the current period as a critical transition. The Chinese government is aware of the need for reform and adjustment, and measures are already being implemented to support growth and resolve problems.
The country’s recently announced 300 reform measures, which cover areas such as innovation, market opening, tax reform, capital markets and public services, clearly demonstrate that the system is resilient and not on the verge of collapse.
After the end of the Cold War, American academic Francis Fukuyama put forward the theory of the “end of history”, believing that the ideological evolution of humanity ended with the “triumph” of democracy Western liberal. But today he must admit that this theory itself might be facing an end. This could be a good lesson for those currently propagating the “waste time of history” narrative about China.
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