This year marks the 75th anniversary of the founding of the People’s Republic of China. Over the past seven and a half decades, China has transformed from a “poor and blank” state into the world’s second-largest economy. However, global perspectives on China’s remarkable rise remain divided.
While many countries in the Global South welcome China’s growing role in the global economy, some in the West question the sustainability of China’s economic model. Critics argue that China’s “common prosperity” is confined within its borders and predict an impending economic downturn, popularly referred to as the “China collapse” theory.
To explore these contrasting viewpoints, a recent discussion brought together prominent voices from across the Global South. Mushahid Hussain Sayed, former chairman of Pakistan’s Senate Defense Committee, led the conversation with esteemed guests including Salman Shah, former finance minister of Pakistan; Tan Sri Ong Tee Keat, president of the Belt and Road Initiative Caucus for Asia Pacific (BRICAP); Farhana Paruk, an Africa-China specialist; and Wang Wen, executive dean of the Chongyang Institute for Financial Studies at Renmin University of China.
The panel delved into questions surrounding China’s economic trajectory and its impact on global development. They examined whether criticisms of China’s economic practices hold merit or if they stem from misconceptions and geopolitical biases.
Salman Shah highlighted China’s significant investments in infrastructure projects across Pakistan, emphasizing the positive effects on regional connectivity and economic growth. Tan Sri Ong Tee Keat discussed the Belt and Road Initiative’s role in fostering cooperation and shared prosperity in the Asia-Pacific region. Farhana Paruk shed light on China’s partnerships in Africa, noting the mutual benefits and advancements in technology and education. Wang Wen provided insights into China’s domestic policies aimed at achieving sustainable development and reducing inequality.
The discussion underscored the importance of understanding China’s economic ambitions from a global perspective. While skepticism exists, many nations recognize China’s contributions to international development and the potential for collaborative growth.
As China continues to evolve on the world stage, the question remains: Will China’s economy falter as some predict, or will it continue to defy expectations and contribute to global prosperity? The answer may lie in acknowledging the complexities of China’s economic landscape and fostering open dialogue among nations.
Reference(s):
cgtn.com
