Pessimism of some Westerners cannot hinder China's growth

An article published in Bloomberg on Tuesday says that because of its economic slowdown, China's GDP is unlikely to overtake that of the United States till the 2040s. The article has been widely quoted by The Wall Street Journal, The Times, the Financial Times and some popular social networking sites.

However, the article comes just days after Bloomberg founder Michael Bloomberg visited China, met the governor of the People's Bank of China and other senior finance officials, and expressed his desire to have long-term and greater cooperation with Chinese financial organs which he said are playing an increasingly important role in the global financial market.

The 39-line article did not provide any analysis of economic developments in China and the US, the world's two largest economies, but it rushed to conclude that "China's economy will never surpass that of the US".

However, the article is a slap on Bloomberg's own face, as before the COVID-19 outbreak it had predicted that China's GDP would surpass that of the US to become the world's largest in the next decade. It now claims that the world is rethinking "how to deal with a China that may be close to its own power inflection point", and "the knock-on effects of China's economic slowdown".

In fact, there has been a groundswell of pessimism in the US financial sector about the prospects of China's economy, and the Bloomberg report is just the latest in a long line of such tones. While being negative about China's economic outlook, they almost all praise the US economy as having a "good momentum" and "positive data "which they said are enough to maintain and even expand its lead over the Chinese economy.

These pessimistic tones are only based on different parameters and even deliberately borrow erroneous concepts. Facts show many such arguments as being false. It is true that China's economy is facing challenges, but the bad economic performance of the G7 countries led by the US is also no secret. Despite facing the challenges of insufficient domestic demand, difficulties in the operation of some enterprises, risks and hidden dangers, and a challenging external environment, China's economy is still on a solid footing and its development has a bright future. The pessimism expressed by a few cannot hinder the pace of China's economic development.

BEIJING NEWS