Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People's Republic of China – State Council News
BEIJING, July 30 (Xinhua) — Recent claims by some U.S. officials that Chinese exports are "flooding" the world market and that the Chinese economy needs to "rebalance" are nothing more than tired rhetoric that has been repeatedly used against China. These baseless claims ignore the monumental changes taking place as the Chinese economy enters the stage of high-quality development.
Although China’s overall exports remain significant, the share of exports in the Chinese economy has been steadily declining for years and is now lower than those of Vietnam, Germany, and the Republic of Korea. Meanwhile, China’s imports continue to grow. In 2024, they reached more than US$2.64 trillion, more than 10 times the 2000 level.
Today, China's economic growth is increasingly driven by domestic demand. In 2024, consumer spending accounted for more than 40 percent of GDP growth, becoming the main driver of the Chinese economy.
The development of China's manufacturing industry is the result of its own efforts as well as invaluable global cooperation. It is driven by market demand and comparative advantages.
Foreign companies are increasingly opening research and development centers in China, and Chinese manufacturing is shifting to more high-tech industries. For example, the export of new energy vehicles has helped accelerate the transformation of the global auto industry. China is not only the “factory of the world,” but is also becoming the “laboratory of the world.”
Building on its strong position in global value chains, China is building its manufacturing and innovation capabilities. It aims to help create a more inclusive, efficient and profitable global value chain system that will ultimately improve the well-being of people around the world.
American politicians who support the rhetoric of “rebalancing China” are pushing the idea of decoupling the US and Chinese economies, but this will not work. After all, in a globalized economy, countries really need cooperation, not zero-sum thinking. –0–
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
.