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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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Research Finds US Power and Influence as a Greater Threat than Russia and China

The list of countries most likely to view the U.S. as a threat is topped by two key allies in the Asia-Pacific: South Korea and Japan.

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US, Donald Trump
"The President is once again delivering on his promise to build the wall, protect the border, and secure our great country," White House Press Secretary Sarah Sanders said. VOA

More people around the world worry about the threat posed by the United States’ use of power and influence than they do about similar threats from Russia or China.

The finding, part of Pew Research Center’s Spring 2018 Global Attitudes Survey, found a median of 45 percent of more than 27,000 respondents in 26 countries view U.S. power and influence as a threat, compared to 37 percent for Russia and 35 percent for China.

The list of countries most likely to view the U.S. as a threat is topped by two key allies in the Asia-Pacific: South Korea and Japan.

Donald Trump, North Korea
FILE – A man reads a newspaper reporting on the summit between U.S. President Donald Trump and North Korean leader Kim Jong Un, at a newspaper stand in Seoul, South Korea, June 12, 2018. VOA

In South Korea, 67 percent of respondents listed the U.S. as a threat. In Japan, it was 66 percent.

Mexico was third, with 64 percent of respondents calling U.S. power and influence a major threat. Previous Pew surveys found views of the U.S. in Mexico nose-dived following the election of U.S. President Donald Trump in 2016.

Data published by Pew in October 2018 found 6 percent of Mexicans expressed confidence in Trump’s leadership, due in part to strong opposition to his plans to build a wall along the U.S. border with Mexico.

In another four countries — Tunisia, Argentina, Brazil and Indonesia — more than half of the respondents viewed U.S. power and influence as a threat.

And 49 percent of respondents in France and Germany saw the U.S. as a threat.

Pew researchers call the increased wariness of the U.S. the biggest change in sentiment of all the threats tracked by the survey.

In 2013, about 25 percent of survey respondents from 22 countries saw U.S. power and influence as a threat. But by 2017, following Trump’s election, that had risen to 38 percent.

U.S. security policy under Trump has emphasized what officials have described as a new era of great power competition, labeling Russia and China top threats to the U.S. and the world.

Donald Trump, South Korea
In South Korea, 67 percent of respondents listed the U.S. as a threat. Pixabay

During his first day on the job, acting U.S. Defense Secretary Pat Shanahan said his top concern was, “China, China, China.”

But based on the results of the survey, many people around the world are not convinced.

Poland was the only country where more than half of the respondents saw Russian influence and power a major threat.

Respondents seem to be more worried about China, though only in four countries did more than half of the respondents see China as a danger.

A median of 82 percent of South Koreans surveyed viewed Chinese influence and power as a major threat, followed by 69 percent in Japan, 56 percent in the Philippines, and 51 percent in Australia.

In the U.S., 50 percent of the respondents viewed Russian influence and power as a threat, compared to 48 percent who felt the same about China.

Late last month, the U.S. intelligence community’s annual Worldwide Threat Assessment report warned of waning U.S. influence across the globe, even among allies, with Russia and China seeking to fill the void.

Many U.S. allies, the report said, are “seeking greater independence from Washington in response to their perceptions of changing U.S. policies on security and trade.”

ALSO READ: US Shutdown Averted, Border Deal Reached

The Pew survey of 27,612 people in 26 countries was conducted between May 14 and Aug. 12, 2018.

It listed the top perceived threats as climate change, the Islamic State terror group, cyberattacks and North Korea’s nuclear program. (VOA)