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China will continue to have a positive impact

By Wilson Lee Flores | China Daily Global | Updated: 2019-12-30 09:18
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Despite global turbulence in 2019 amid the trade war instigated by the United States, Brexit chaos in Europe, and social unrest in places from Hong Kong to Chile, China's economic policies have remained pragmatic, stable, reformist and balanced in priorities.

China has continued its long-term plan to guide its economy toward sustainable-even if slower-economic growth.

This sustainable growth is based on domestic consumption, services, private enterprise, green energy efforts and increased technological innovations, instead of past reliance on export trade and energy-intensive and high-polluting industries.

Negative views by some critics of China's economy are not realistic.

China's economy may be the world's No 2 and poverty may have been eradicated, but its per capita income and overall national economic output are still small compared with some economies in Southeast Asia.

However, the growth possibilities for the Chinese economy are huge. Therefore, Chinese leaders are not exaggerating when they call their economy "a developing country" or "a developing economy".

Filipino billionaire businessman and philanthropist John L. Gokongwei Jr. said China has been the world's biggest and richest economy for centuries, except for a short period during the Qing dynasty (1644-1911), foreign invasions and the Opium Wars in the mid-19th century involving Britain and China over trading rights.

China has revived its economy, thanks to its political stability and an environment conducive to entrepreneurship and innovations.

Chinese leaders are wise, pragmatic and strong-willed. The people of China are creative, enterprising and persevering, as evident from the past struggles and triumphs. China has abundant natural resources, such as minerals, oil, natural gas and arable lands.

Recent crises, such as the trade war, unrest in Hong Kong and other pressures will only make the Chinese people stronger and united. Those who harbor negative thoughts about China's economy are misinformed.

China's economy may be the world's second largest, but it is now the top tourism and consumer market, besides being an emerging leader in technological innovations.

China will continue to have a positive impact on our unstable and multipolar world. It has already become the world's largest economy in terms of purchasing power parity, the top exporter and the largest holder of foreign exchange reserves. Purchasing power parity is a theory that allows comparison of the purchasing power of world currencies.

After Chinese leader Deng Xiaoping initiated opening-up and ushered in market reforms, China has become one of the fastest-growing economies in the world, with its GDP growth averaging 9.5 percent up to 2018(it averaged 10 percent from 1979 to 2017).

This spectacular pace of growth has been described by the World Bank as "the fastest sustained expansion by a major economy in history." Such a growth has enabled China to double its GDP every eight years.

The continued social stability and unity of the Chinese people, the strong will and pragmatism of the central government leaders, and the constantly reforming and growing economy will all make China a great source of hope for multilateralism, as well as peace and stability, for the entire world in this era of uncertainties and complex global problems.

The author is an analyst and columnist at the Philippine Star and Pilipino Star Ngayon. The views do not necessarily reflect those of China Daily.

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