Home » Xinhua Times Review丨Win-win is the direction of development – the third in a series of reviews on the true narrative of China’s production capacity from a global perspective

Xinhua Times Review丨Win-win is the direction of development – the third in a series of reviews on the true narrative of China’s production capacity from a global perspective

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Xinhua Times Review丨Win-win is the direction of development – the third in a series of reviews on the true narrative of China’s production capacity from a global perspective

Xinhua Times Review丨Win-win is the direction of development – the third in a series of reviews on the true narrative of China’s production capacity from a global perspective

2024/04/13 08:34 Xinhua News Agency

Xinhua News Agency, Beijing, April 12 (Reporter Gao Wencheng) Some countries in the United States and the West have recently hyped up the “China overcapacity theory” and “China’s production capacity impact theory”, distorting China’s economic and trade relations with the world, thereby interfering with global economic and trade operations, suppressing and containing China develop.

In fact, the so-called “China’s overcapacity theory” reflects the fact that under the world‘s major changes unseen in a century, developed countries cling to the “castle” of the old order of solidified interests, while rising developing countries break the “ceiling” and strive for the right to fair development. a contest between. From initiating trade wars and technology wars, indiscriminately imposing sanctions to suppress enterprises, to clamoring for “decoupling and breaking links” and “removing risks,” to building “high walls” and issuing investment restriction orders, all kinds of containment and suppression all reflect this struggle. Under this situation, US and Western capital interest groups suppress the development of emerging markets and cling to the anxious mentality of economic hegemony.

Historically, the long-established “center-periphery” industrial division system has brought a steady stream of excess returns to developed countries, while developing countries can only be located on the periphery, playing the role of resource labor providers and market sales places. As China vigorously develops high-tech industries and moves upstream of the global industrial and supply chains, promoting rational adjustments to the world‘s division of labor system, the United States and the West believe that their central monopoly status and profits are being challenged. Nowadays, China is attacking China on the production capacity issue and hyping up the so-called “overcapacity.” The goal is still to hinder China’s industrial transformation.

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The era of economic globalization is rushing forward, and late-developing countries continue to integrate into the world economy, which will always cultivate their own comparative advantages and breed new vitality for the world economy. If the United States and the West break away from the narrow perspective of temporary self-interest and observe the world from a global perspective and a long-term perspective, they will find that “blocking” is not as good as “diminishing” and “disconnecting” is not as good as “connecting.” Promoting the free flow of resources, market integration and extensive sharing of results is the right direction for the world economy to move forward. A global market with orderly competition, higher efficiency, greater capacity, continuous innovation, and high connectivity will benefit everyone and will provide better space for the development of production capacity in various countries.

Currently, a large number of countries in the “Global South” are still in the early stages of economic take-off or industrialization, and have huge and urgent needs for production capacity, industry, and technology. Through the joint construction of development platforms such as the “Belt and Road” initiative, China has unblocked the paths for production capacity cooperation and allowed development dividends to benefit more countries. The website of the American magazine “The Diplomat” noted that Southeast Asian countries are actively seeking cooperation from Chinese electric vehicle companies, “not only strengthening the inevitable transformation from fossil fuel vehicles to electric vehicles, but also promoting economic growth through technological exchanges.” Even in the traditional agricultural field, in Tajikistan, the China-Thailand New Silk Road Tajikistan Agricultural and Textile Industrial Park helps the local area transition from cotton cultivation to the entire cotton textile industry chain. From a long-term perspective, unblocking global production capacity allocation and promoting the industrialization and modernization process of developing countries are intended to expand the world‘s economic capacity and benefit the entire world.

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The right path for world economic development is to leverage the advantages of all parties and smooth the flow of resources, rather than blocking technological progress and high-quality production capacity. Carry out global economic division of labor and cooperation, achieve free flow of resource endowments, smooth docking of cross-border trade, and orderly transfer of production capacity and technology, and form an efficient global production and supply value chain, which will greatly help developed and developing countries share development dividends. While China’s new energy vehicles are being targeted by the West, China has created an open environment and formed a value chain in which each can demonstrate its strengths and share development. Tesla’s Shanghai Gigafactory has become Tesla’s main export center in the world, accounting for more than half of its global production capacity in 2023. The cars produced here are popular in overseas regions such as Asia-Pacific and Europe. The Volkswagen Group, which adheres to the “in China, for China” strategy, recently reported strong growth in the delivery of electric vehicles and internal combustion engine vehicles in China in the first quarter.

The right path for world economic development is to persist in innovation-driven development and explore new qualitative drivers, rather than stifling open innovation and resorting to protectionism. Through open cooperation, technological innovation, industrial upgrading and business model renewal, promoting industrial transformation and technological revolution, and replacing the existing game with incremental innovation, the world economy can obtain a steady stream of new momentum, thereby promoting sustainable development. For many foreign companies, China today is not only a production base and a huge market but also a strategic location and a source of innovation. In 2023, Germany’s Siemens will invest 1.1 billion yuan in new fixed assets to build a China intelligent manufacturing base for Siemens industrial automation products in Chengdu; Volkswagen Group will build the largest R&D center outside its German headquarters in Hefei, focusing on the research and development of intelligent connected vehicles.

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Win-win is the direction of development. History and facts have proved that various strategies of blocking, containing and smearing have failed to halt China’s high-spirited development momentum, let alone China’s progress in win-win cooperation with the world. In the final analysis, China has followed the trend of economic globalization and has already been deeply integrated into the world economic development process. Noise and manipulation cannot stop the mutually beneficial economic and trade cooperation between China and the world, nor can they reverse the trend of profound adjustment of the global industrial structure, because this is the torrent of world development, the mainstream of public opinion in all countries, and an inevitable requirement for the sustainable development of the world economy.

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