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There are flaws in Chinese Economy, says daily

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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)

 

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‘Big Steps To Reduce Carbon Emission’ Apple Expects Cooperation With China on Clean Energy

It's right for the Chinese government to remain "vigilant about making sure material really doesn't end up being dumped"

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recycling robot
In response to a question over whether Apple is planning to deploy the Daisy robot system in Asia, especially in China, Jackson said Apple is looking at unique recycling solutions in China "because we have manufacturers there". Pixabay

Apple is expecting more cooperation with China on clean energy as it released its 2019 Environment Report that outlines its climate change solutions ahead of Earth Day, which falls on April 22.

In the “Environmental Responsibility Report”, Apple has set an ambitious goal to “make products without taking from the Earth” and vowed to adopt “big steps” to reduce emissions of carbon dioxide from its business operations.

Apple said 44 of its suppliers have committed to 100 per cent renewable energy for their production of Apple products, Yonhap news agency reported late on Thursday.

Apple
Apple announced that it will quadruple the number of outlets in the US to recycle used iPhones returned by US customers, which will be disassembled by its recycling robot, Daisy.
Pixabay

Among them, “the majority of clean supply chain, clean energy suppliers are in China in terms of both attaining the clean energy goal and cooperation in the use of safer materials and smarter chemistry”, Lisa Jackson, Apple’s vice president of Environment, Policy and Social Initiatives, said at a recent event promoting the company’s environment initiative.

As one of Apple’s biggest manufacturers and markets in the world, China is critical to success in all of Apple’s environmental initiatives, she said.

“I think it’s important to know Chinese manufacturers can be partners in the innovation because the Chinese manufacturers have real expertise and applications which they can bring to the table,” she added.

In order to promote circular economy, Jackson said Apple is working with a number of partners including the China Association of Circular Economy to enable the movement of materials in a way that not only “protects the environment, protects innovation, but also moves us forward in reusing materials”.

Apple announced that it will quadruple the number of outlets in the US to recycle used iPhones returned by US customers, which will be disassembled by its recycling robot, Daisy.

Daisy can disassemble 15 different iPhone models at the rate of 200 per hour, according to Apple.

Apple
In the “Environmental Responsibility Report”, Apple has set an ambitious goal to “make products without taking from the Earth” and vowed to adopt “big steps” to reduce emissions of carbon dioxide from its business operations. Pixabay

In response to a question over whether Apple is planning to deploy the Daisy robot system in Asia, especially in China, Jackson said Apple is looking at unique recycling solutions in China “because we have manufacturers there”.

“We need to do a lot more work in China. We need to work really closely with governments to move materials around,” she said.

“I would expect that we’re going to have some unique recycling solutions for China, and that would be great,” Jackson added.

Also Read: Researchers Develop, New Adhesive Patch That Can Minimize Heart Attack Damage
It’s right for the Chinese government to remain “vigilant about making sure material really doesn’t end up being dumped”, said Jackson.

“We don’t ever want that to happen with any of our products. So we have to continue to work to find a way that allows us to move forward and is respectful,” she noted. (IANS)