Workers weld at a workshop of an automobile manufacturing company in Qingzhou City, east China’s Shandong Province, Feb. 28, 2021. (Xinhua/Xinhua)
With geopolitical conflicts escalating and the COVID-19 epidemic continuing, China must protect its industrial chain from both external and internal risks and focus on globalization to counter the US attempt to contain its economic development. , said several leading economists at a key forum. the Saturday.
China’s economic outlook has been of growing concern in recent days as US politicians have used China’s zero-COVID strategy to exacerbate a push to decouple China’s supply chain, while imposing restrictions on the high-tech export as leverage to encircle China’s technological development.
Faced with the complicated international situation and unprecedented challenges, China must maintain dynamic economic growth while accelerating its opening-up, Justin Lin Yifu, former chief economist of the World Bank and member of the Standing Committee of the People’s Political Consultative Conference Chinese (CPPCC) National Committee, said Saturday.
Lin made the remarks at the Tsinghua PBCSF Chief Economist Forum in Beijing, which focused on China’s economic and political outlook amid a turbulent 2022.
The laggard advantage can still guarantee China’s growth potential of 8 percent and growth of 5 to 6 percent per year, and the country will continue to contribute at least a quarter to global growth every year, Xi said. Linen.
Moreover, China is the largest trading partner of more than 120 countries and the second largest trading partner of more than 70 other countries. This means that for more than 90% of countries in the world, growth in China will be an opportunity for them to promote their own growth and employment as long as China can maintain dynamic economic growth and adhere to opening up, which is the best solution for China to counter the US decoupling push, Lin stressed.
If China can maintain its growth potential, by the time China’s GDP per capita reaches half that of the United States, meaning that China’s economic size will double that of the United States, the world could enter into a new stable situation, Lin said. “At that time, the United States will maintain good relations and trade with China, which would be important for their major companies to maintain their global leadership and also for employment in the country.
Even as the strategic competition between the United States and China is currently intensifying, economists have agreed on the need to strengthen economic and trade relations with the United States.
Yu Yongding, a fellow at the Chinese Academy of Social Sciences, told the forum that if China can buy fewer US Treasuries, it should buy more US goods and stick to the phase one trade deal as much as possible. , despite certain objective obstacles and difficulties.
As for how to deal with short-term external shocks and risks, Li Daokui, Mansfield Freeman Professor of Economics at Tsinghua University, remarked at the forum that it is important for China to his own things well.
At a time when many factories in China are facing disruption due to strict anti-epidemic measures, the United States is adopting a variety of tools to enlist or convince Asia-Pacific countries to move their chains supply outside of China. The United States just held a two-day summit with eight ASEAN leaders on Thursday and Friday. US President Joe Biden is due to visit South Korea and Japan later this month, which is expected to see the official launch of the Indo-Pacific Economic Framework.
“Under the current situation, China must find ways to protect the stability and security of industrial chains while implementing a dynamic zero-COVID policy,” Li said. is safeguarding China’s growth potential for the future.”