Chinese economy enjoys ‘strong resilience’
Staff, 2023-01-04 16:10:26,
In recent years America’s economic and technological decoupling against China, along with subsequent pandemic disruptions, inaugurated a reordering of global supply chains and harmed many other economies.
Chinese President Xi Jinping expressed strong confidence about China’s economy in his New Year address to ring in 2023 on December 31 evening. He summarized how the Chinese economy is enjoying “strong resilience, tremendous potential and great vitality,” since the fundamentals sustaining the country’s long-term growth have remained strong.
Chinese economy demonstrates strong resilience
The US has sought to persuade countries to reduce their dependence on China, via “friend-shoring” by shifting production and trading chains from China to like-minded partners sharing a similar politics, ideology and values, especially China’s Asian neighboring economies. Some companies have moved their production lines out of China and into other countries, either to sidestep tariffs or avoid future upheavals as relations between the US and China deteriorate.
Nonetheless, the economic impact over the threat of decoupling and deglobalization on the Chinese economy won’t succeed.
The US-led decoupling or “friend-shoring” has served to deepen China’s links with its Asian neighboring economies, given the complex nature of manufacturing processes that require a dizzying numbers of Chinese-made components and several stages of assembly.
The years since the Sino-US trade…
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