In recent times, Western politicians and media outlets have been casting doubts on the stability of China's economy, suggesting it is on the brink of collapse. However, a closer look reveals a different story of resilience and strategic support.
Articles like the Wall Street Journal's \"Is China's economic predicament as bad as Japan's? It might be worse\" aim to resurrect outdated narratives of a declining Chinese economy. Similarly, The New York Times has highlighted falling consumer spending based on limited statistics, portraying a struggling nation.
Contrary to these claims, China has actively implemented measures to bolster its private sector. Recently, eight Chinese ministries introduced 28 initiatives designed to support private enterprises. These steps ensure fair access to national projects, enhance financial and land support, and strengthen legal protections for businesses. Additionally, a dedicated department under China's top economic planner has been established to further promote the private sector, which is a key driver of economic growth.
Historical attempts to paint China's economy as faltering, such as Bloomberg's 2021 article titled \"Is China Turning Into the Next Japan?\", have consistently overlooked the dynamic nature of China's market. Unlike Japan's prolonged economic stagnation in the 1980s and 1990s, China's economy continues to adapt and grow.
On September 15, China's National Bureau of Statistics (NBS) reported a 4.5% rise in industrial production for August, up from 3.7% in July. This uptick, along with other major economic indicators, signifies a robust momentum of recovery.
While Western media has minimal coverage of these positive developments, the reality on the ground tells a story of gradual improvement. For instance, property investment saw a decline of 8.5% to 6.77 trillion yuan ($929.34 billion) from January to July. However, NBS spokesperson Fu Linghui assured that both consumer willingness and property investment are set to improve alongside economic recovery and favorable housing policies.
In summary, despite prevailing narratives in Western media, China's economy demonstrates signs of strong recovery and strategic support for its private sector, painting a picture of resilience and continued growth.
Reference(s):
cgtn.com
