24th September 2023 – (Beijing) Recently, Western politicians and media have zealously propagated the narrative that China faces imminent economic catastrophe. This coordinated chorus of China doomsaying aims to impede China’s ongoing rise. It also reveals the West’s persistent failure to comprehend China’s resilient economic fundamentals.
U.S. President Biden set the tone by dubbing China’s economy a “ticking time bomb”, echoing sentiments pervasive among Western elites. Meanwhile, Western media peddle the myth of China’s collapse with gusto, repeating the dubious claim of impending ruin.
This propaganda barrage is nothing new. Every so often, the West conjures up a new “China collapse” fiction, particularly when China faces temporary difficulties. As China weathers post-pandemic adjustments, these voices have returned in force. Yet their shrill tone betrays desperation rather than confidence.
The reality is China’s economy continues significantly outperforming Western nations. Its GDP growth remains around 5%, well above the U.S., U.K., and E.U. China remains the primary engine of global growth, contributing over 30% of new output.
For 2022, the IMF forecasts China’s economy expanding 5.2%, compared to 1.8% for the U.S. and just 0.4% for the U.K. Germany faces recession, with output set to contract 0.3%. Both the World Bank and OECD project Chinese growth above 5%. For the world’s second largest economy, these are outstanding numbers, demonstrating China’s economic resilience exceeds Western counterparts.
Beyond exaggerating China’s post-pandemic difficulties, which affect the West more severely, scaremongering focuses on China’s property sector. Specifically, it exaggerates systemic financial risks from liquidity issues at some major developers.
In reality, “scars” from COVID disruptions are global, impacting the West more than China. In fact, China’s economy rebounded steadily in the first half of 2022, growing 5.5% year-on-year. With Western nations mired in hyperinflation and looming recession, their attempts to talk down China appear as pathetic cope.
Likewise, prophecies of a Chinese property market crisis reflexively extrapolate from U.S. vulnerabilities. America’s 2008 Financial Crisis resulted from uncontrolled housing speculation and greed. But absent proper oversight, crises emerge. China’s real estate market has seen ups and downs, but prudent government management ensures smooth landing.
Recent supportive policies like mortgage easing carefully balance risks. Measured oversight contrasts with Western regulatory failure, rendering collapse predictionswishful thinking.
While habitually talking down China, the West ignores contrary realities. China leads globally in booming sectors like electric vehicles. Export growth has been stunning, with China now the world’s leader in EVs. Even in semiconductors, China is forging ahead despite U.S. obstructionism.
January-August data shows steady recovery across the board. Industrial value added grew 3.9% year-on-year, retail sales rose 7%, and fixed asset investment expanded 3.2%. Clearly, Western political and media elites are desperately tarnishing China precisely because its economy remains strong.
Some western media outlets have taken to praising India as an alternative to China. But the BRICS bloc is expanding, the Belt and Road Initiative brings shared prosperity, and trade pacts like RCEP create mutual benefits via economic ties with China. Meanwhile, the West engages in reckless zero-sum competition, attempting to isolate China technologically and economically.
This blatant propaganda aims to impede China’s progress. But it also undermines the West itself. As the largest engine of global growth, a faltering Chinese economy would deprive Western nations of vital momentum.
The West’s hypocritical attempts to subvert China reveal a lack of confidence in its own development model. Economic coercion and inflammatory rhetoric cannot halt China’s inexorable advancement. These desperate ploys only highlight the West’s waning dominance as China’s fortunes elevate. No amount of disinformation can distort that reality. China’s unstoppable progress will continue benefiting the world, no matter the West’s reaction.