Friday December 14, 2018
Home Uncategorized There are fla...

There are flaws in Chinese Economy, says daily

0
//
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

China, US Set To Take Action Against Each Other

US business executives are now bracing for further retaliation from China due to Meng's arrest

0
USA, China,
President Donald Trump with China's President Xi Jinping during their bilateral meeting, Dec. 1, 2018 in Buenos Aires, Argentina. VOA

China and the US are set to take action against each other as tensions escalate over trade, cyber hacking and espionage as senior American law enforcement officials identified Beijing as the most serious threat to Washington’s national security, officials said.

China’s methods of non-traditional espionage, including their use of ordinary Chinese expatriates instead of spies at universities and businesses, and intellectual property theft, were explained by the officials from the FBI and Departments of Justice and Homeland Security who briefed US lawmakers on Wednesday, CNN reported.

“As the US proceeds a whole of society response to this threat, we must address the vulnerabilities within our system while preserving our values and the open, free and fair principles that have made us thrive,” E.W. Priestap, the Federal Bureau of Investigation’s Assistant Director of Counter-intelligence told the Senate Judiciary Committee.

“What hangs in the balance is not just the future of the US, but the future of the world.”

The Department of Justice’s (DOJ) top national security official told lawmakers on Wednesday the administration was reacting to China’s “steadily increasing” economic espionage activity, which costs the US an estimated $225 billion a year.

From 2011 to 2018, more than 90 per cent of the DOJ’s cases alleging economic espionage by a state have involved China, and more than two-thirds of trade secret thefts have a nexus to China, Assistant Attorney General John Demers said.

Donald Trump, democrats, government,, pakistan
U.S. President Donald Trump. VOA

“From underwater drones and autonomous vehicles to critical chemical compounds and inbred corn seeds, China has targeted advanced technology across sectors that align with China’s publicly announced strategic goals,” Demers said. “The play book is simple: rob, replicate and replace.”

Priestap and his colleagues testified hours after Secretary of State Mike Pompeo confirmed in an interview with Fox News that the US believes Beijing was behind the massive cyber-attack on the Marriott hotel chain, CNN reported.

The New York Times reported on Tuesday that the assault was part of a broader Chinese operation that also targeted health insurers and the security clearance files of millions of Americans.

Also Read- Bug Spotted in Microsoft Office 365, Outlook

Those disclosures came a day after President Donald Trump said that he would be willing to use Huawei’s Chief Financial Officer (CFO) Meng Wanzhou who was arrested in Canada for violating US sanctions on Iran as a bargaining chip in his trade war with Beijing, which for now is in a 90-day pause.

A Canadian judge on Tuesday night granted Meng a $7.5 million bail, while she awaits extradition to the US.

US business executives are now bracing for further retaliation from China due to Meng’s arrest. (IANS)