As the United States ramps up tariffs on the Chinese mainland to 20 percent, global markets brace for potential trade disruptions. Amid rising protectionism, climate crises, and economic uncertainties, Chinese policymakers are focusing on turbocharging tech self-reliance and stabilizing the economy. This challenging backdrop has sparked fears of price spikes and tangled supply chains worldwide.
In a recent discussion with Yasir Masood from CGTN Opinion, Jeffrey Sachs, a renowned professor at Columbia University, delves into whether China's legislative strategies can navigate these headwinds and spark the next wave of innovation.
\"China's economy is fundamentally strong,\" Sachs asserts, highlighting a robust technological foundation, a skilled workforce, and expansive global reach as the key pillars of resilience. He points to significant advancements in sectors like artificial intelligence, quantum computing, and renewable energy as evidence of China's structural strength and its continuing ascent as a leading global trading partner.
However, Sachs also offers a cautious perspective, noting significant domestic challenges such as elevated debt levels in the real estate and urban sectors that require urgent reform. On the international front, he criticizes US protectionism and unilateral tariffs as misguided policies that threaten global trade stability. Sachs observes that over the past decade, the US has attempted to impede China's growth, prompting Beijing to explore new markets in ASEAN, Africa, and Latin America.
Looking ahead to the 2025 Two Sessions, Sachs emphasizes Chinese-style modernization as central to Beijing's strategy. He praises China's leadership in green technologies, including zero-carbon energy, electric vehicles, and next-generation nuclear power, positioning these sectors as dual engines for domestic growth and global environmental progress. \"The world craves affordable solutions to the climate crisis,\" Sachs states. \"China is not merely a supplier but the indispensable architect of this transformation.\"
Sachs contrasts China's proactive approach with what he describes as America's \"regressive obsession\" with fossil fuels and trade barriers. He predicts that US protectionism will enhance China's role as a primary provider of green and digital infrastructure globally. To maintain this momentum, Sachs advocates for the expansion of China's Belt and Road Initiative through long-term financing models, suggesting that extended loan terms can foster sustainable partnerships in emerging markets. \"Patience breeds prosperity,\" he remarks. \"By investing in the Global South, China secures not just economic ties but geopolitical trust.\"
As the Two Sessions prepare to outline China's 2025 agenda, Sachs' insights highlight the critical choice facing the international community: embrace multilateral cooperation to leverage technological advancements or risk geopolitical fragmentation, which could threaten both economic stability and global sustainability.
