As the People's Republic of China celebrates its 75th anniversary, it's an opportune moment to reflect on the nation's remarkable growth trajectory and its profound impact on the global landscape.
Over the past three-quarters of a century, China has achieved unprecedented economic growth without relying on structural dependencies on imperialism or war. This stands in stark contrast to the historical development of Western economies, which have often been underpinned by colonialism and extractive relationships, frequently enforced through military might.
China's unique, non-colonial, and non-imperialist growth model is a historic achievement that is reshaping the world system. By focusing on investment-driven growth and prioritizing the real economy over financialization, China offers the Global South an alternative path to economic development.
The traditional global political economy has long been characterized by dollar-denominated external debt and financial crises that have burdened developing nations. The promise of becoming a \"developed economy\" often seemed unattainable, serving as a perpetual incentive for the Global South to remain subordinate to the interests of the West.
The rise of China is disrupting and ultimately dismantling this old economic paradigm. Trade and investment ties between the Global South and China are forging connections based on mutual growth and investment in tangible sectors, rather than debt and financial dependency.
This shift enables countries in the Global South to integrate into an economic system that fosters dynamism and sustainable development. For the first time in centuries, these nations can envision a path to prosperity that is not predestined to be exploited by monopolistic capital.
China's approach is fundamentally different from the hegemonic global model dominated by financial capitalism. Instead, it emphasizes industrial capitalism, real economic investments, and sustainable growth, offering the Global South a viable alternative to achieve economic unshackling and long-term prosperity.
Reference(s):
cgtn.com
