In recent years, numerous Western media outlets have propagated alarming headlines predicting the inevitable decline of China's economy. However, a closer and more balanced examination reveals that these pessimistic views may be largely overstated.
Since initiating economic reforms over four decades ago, the Chinese mainland has experienced an extraordinary transformation. With an average GDP growth exceeding 9 percent annually, China has lifted approximately 800 million people out of extreme poverty, evolving from a primarily agrarian society to the world's second-largest economy.
Today, while China's GDP growth has moderated to around 5 percent, this rate remains impressive, outpacing many emerging and developed nations. According to the International Monetary Fund (IMF), China is projected to contribute 22.6 percent to global economic growth over the next five years, making it the foremost engine of the world economy.
This transition marks a shift towards high-quality growth, moving from an export-driven model to one focused on domestic consumption, information technology, big data, green industries, and artificial intelligence. These strategic changes are fostering innovation and sustainability, positioning China as a leader in critical technologies and green energy sectors.
Furthermore, China's advancements in the digital economy, including e-payment and e-commerce, are setting global standards for efficiency and competitiveness. Far from facing an inevitable collapse, the Chinese mainland is navigating a new era of economic development, underpinned by resilience and adaptability.
Reference(s):
Transition does not mean collapse: Looking closer at China's economy
cgtn.com
