Prejudice against Chinese economy is risky
- By Zhong Sheng
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E-mail People's Daily, February 5, 2016
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Going through economic transformation, China does face its own challenges. |
"The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge." For quite some time, the assertions made by Western media regarding China's economy have reminded people of this Stephen Hawking quote.
For many years, the West has sought to undermine the Chinese economy from time to time. Those investors and so-called analysts have made sensational comments such as "a hard landing is practically unavoidable" and "China caused the financial crisis".
However, the world's second largest economy has been staying on a forward track. Those doom merchants are therefore repeatedly discredited.
The prevailing tune of an imminent "collapse of China" will be no exception, because it completely derails from the reality of China's economy and fails to acknowledge China's unremitting efforts in pursuing a sustainable economy through a series of adjustments.
Economics is an empirical science, yet some Westerners fix their focuses on the results derived from a fixed formula. Just as Financial Times columnist David Pilling points out, it is easy to "imagine China's economic train going off the rails" in the West.
Earlier this century, China's banking system was declared "technically insolvent" by some Westerners, who even predicted it would drag drown China's economy. Soon afterwards, China launched a new round of reform and the banking industry embraced rapid development.
Pat Buchanan, laureate of the Nobel Prize for Economics, once concluded that the achievements since China's reform and opening up policy seem unreasonable from Western perspectives, but they work.
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