Komentrayo: Teorya ng pagbagsak ng Tsina, maaring mabigyang-wakas

The Economist Intelligence Unit(EIU), think tank of British mainstream political and economic magazine Economist, recently published a risk assessment report, listing ten crises that said to be catastrophic to the entire globe. Among them are the Islamic State, and the could-be President candidate of US Donald Trump who has the reputation for making gaffes on both domestic and international issues. On top of the EIU list is the so-called collapse of China's economy.

Since entry into 2016, opinions of the collapse of Chinese economy are not hard to miss on headlines of some western media. Chinese economy on EIU's list No.1 again indicates nothing but the devious intention of finger-pointing and shifting the responsibility on China.

Influenced by the expectation of rise in US interest rates, stock markets all over the world experienced concussions in different degrees in the beginning of 2016, leading to the devaluation of various currencies including China's RMB. Some Western media began to call China as the culprit because statistics put China's GDP growth in 2015 at 6.9%, below 7% for the first time ever in six years. Moreover, Gordon Chang, the American lawyer who had been dedicated to predicting China's fall for fifteen years, released his new version of the Collapse of China, this time saying that RMB will have its doomsday in six months' time.

Who is to blame for the sluggish recovery of world economy?

It is the intention of the West to blame China as the scapegoat. Three major economies have been dragging down the growth of global economy, while China plays the role of economic engine to the world by contributing more than 25% of global GDP annually for a long time. Even with GDP growth under 7%, China will still account for more than one third of entire GDP on the world.

On the other hand, the economies of US, Europe, and Japan have been sleepwalking for quite some time. US economy staggered through the 2008 financial crisis to a historical low point from which they were unable to regain growth momentum. With its middle class population dwindling and people's livelihood unchanged for 20 years, it's hard to tell when will US economy march out the sloppy rate of 2%.

European debt crisis did a heavy blow to the economy, and repeated bailouts and austerities didn't bring much good news for the economic recovery. Millions of refugees from the Middle East are still flocking to the European continent, which brings more pressure on the economic growth in Europe.

All tricks of the so-called Abenomics' in Japan been exhausted by giving out the old and new "Three Arrows". This could be felt at the just concluded BOJ(Bank of Japan)meeting on March 15th. BOJ had no other options but to keep the negative interest rate unchanged, once again proving that the Abenomics won't last long to bail out Japanese economy.

You'll never see the true picture through tainted spectacles

A few days ago, a NPC member told the press in response to the so-called theory of collapse of Chinese economy that, Western media have been accustomed to viewing China through various pairs of spectacles and thus reaching biased conclusions.

With sunglasses, western media see nothing but total darkness in terms of the future of Chinese economic development. With polariscopes, western media are merely able to focus on the challenges and difficulties of China's economic reform and transformation, paying no attention to the vitality in the fundamentals of Chinese economy.

Just as the famous American scholar Dr Robert Kuhn said to the official news website Xinhuanet, that one must not focus on one year's figure to judge the whole picture of China's economy, and the best thing to do is to have a longtime viewpoint. Kuhn said, history has told us that Chinese economic strength can weather the storms of Asian and global financial crises and we should have confidence that there will be no hard landing for Chinese economy.

Stories about China's economy are not all-or-nothing thinking. Double digit growth doesn't mean the best for the interests of Chinese economy, whereas 6.9% healthy growth doesn't have to entail gloomy forecasts. Transformation from export-oriented economy to consumption-based economy will cost China some growth speed but will give high-quality growth in return, for the long-term sustainable development. Premier Li Keqiang said on his yearly press conference that China's economy will never have a hard landing as long as China keeps reforming and opening up, because there's so much potential in Chinese market.

Western media always miss the wood for the trees whenever it comes to China's development, which leads to nothing but incorrect theories of either collapse or threat by China. All the absurdities by western media will fade out in time, leaving laughing stocks for themselves. The theories of Collapse of Chinese economy will collapse one day.

(Manunulat: Zhang Yi, mula Xinhua News Agency)