Sunday May 27, 2018
Home Uncategorized There are fla...

There are flaws in Chinese Economy, says daily

0
//
65
Republish
Reprint

By NewsGram staff writer shanghai-skyline_economy

Beijing:  The Chinese economy does have its flaws, said a state-run Chinese daily which also added that after decades of speedy growth, the economy is bound to be slow.

An editorial “Hype against economic model unjustified” in the Global Times on Thursday said that the recent disappointing Chinese stock market performance is “unlikely to be perceived as the result of good governance of the Chinese economy. There have been excessive criticisms and complaints, which are understandable”.

It said that “some media outlets were quick to draw the conclusion that the market fall ‘symbolizes a slow-motion denouement of China’s economic and political model’, which has gone too far”.

“The stock market’s sharp fall is like a fever, but foreign media described it as a cancer. If so, the market plunge seven years ago would have ended the China model.”

The editorial said that China has emerged as the world’s second-largest economy, up from third place, and generated GDP worth trillions of dollars. “China’s economic might can be felt in all corners of the globe, especially the Asia-Pacific”.

It admitted: “The economy does have its flaws. The government has been trying to solve these problems, and at the same time society has learned to withstand them.”

“If a stock market index falls, investors now have been prepared for it. And the country’s financial institutions have made contingency plans.”

The editorial went on to say that the Western media has played up the notion that rapid economic growth has become the source of legitimacy of the ruling Party. “They reckon that an economic crisis will lead to national chaos.”

“An economic boom will boost the popularity of any regime. If the Chinese economy crumbles and people are on the edge of starvation, no regime can sustain its rule. But will periodic economic slowdowns and difficulties in adjustment hurt the legality of China’s political system? That’s a delusion,” it added.

The daily noted that after decades of rapid growth, “the economy is bound to slow”.

“This was predicted several years ago. China is facing a severe economic situation. The model of China’s development needs adjustment, and society has a consensus about this. But it is too much to hype against China’s political system.”

It is also added that many countries are facing economic difficulties, and some Western powers have even lost their growth momentum.

“Some Westerners may wish for a collapsed China and hope they can eventually benefit from it, but they forget their countries may be the ones that crash.

“Chinese people should listen to those doomsayers. At least they can remind us that China’s strategic environment is not that favourable. China should avoid its past mistakes and show a firm determination in reforms,” it added.

(with inputs from IANS)

 

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

Dating Apps Face Restrictions in China After Their Growing Success

A mobile application, which allows wealthy older people to connect with young lovers, is facing restrictions in China after a surge in popularity in the country, state media reported on Friday.

0
//
27
The study by global cyber security company Kaspersky Lab showed that many dating apps do not handle users’ sensitive data with sufficient care. (Source: File Photo)

A mobile application, which allows wealthy older people to connect with young lovers, is facing restrictions in China after a surge in popularity in the country, state media reported on Friday.

SeekingArrangement, which was the most downloaded app on Apple Store China this week and also registered high numbers on Android, has been banned from WeChat — a popular Chinese messaging service similar to WhatsApp — Efe news reported citing the official newspaper China Daily.

The move came after the state-run Global Times — linked to the Communist Party of China — urged the government to shut down the app’s operations in the country for promoting “sugar dating”, a practice in which wealthy older suitors are matched with younger people in exchange for economic benefits or gifts.

The company would also provide day-one support for Windows Server 2019 to deliver virtualised apps with XenApp.
Citrix Workspace will unify apps, pixabay

Lawyers cited by official media warned that the services offered by such websites could be classified as prostitution, which is illegal in China.

How safe are online dating apps?

The app was founded in 2006 by entrepreneur Brandon Wade, who has defended it by saying “love is a concept invented by poor people”, and has its Chinese headquarters in the Shanghai Free Trade Zone, which has fewer legal restrictions than the rest of the country.

Male members pay a monthly fee of $60, while females use the app for free or pay $15 to access more functions and are required to list their annual income, which should be higher than $47,000 to use the services. (IANS)

Next Story