SOURCE / GT VOICE
GT Voice: Trade surplus hype ignores China's unique global role
Published: Jul 15, 2024 11:34 PM
Illustration: Xia Qing/Global Times

Illustration: Xia Qing/Global Times

Amid growing trade protectionism, Western media outlets, which have deliberately played up China's strong exports as the cause of trade tensions, should think long and hard about why the West's erection of all sorts of trade barriers has still not been able to stop China's manufacturing from forging ahead in the global market.

After Chinese customs data revealed last week that China's exports in June grew 8.6 percent year-on-year in US dollar terms, The New York Times reported on Monday that the country's "soaring trade surpluses have prompted alarm in many foreign capitals," as officials around the world worry that exports from China will displace their own industrial output.

The exaggerated concerns about China's trade performance perpetuated by Western media outlets such as The New York Times may have played into the mood in some in the West. Behind this sentiment lies a fear of being outperformed by competitors. However, this is exactly why some Western countries should face up to their own problems, instead of resorting to protectionism and smearing China to pass the buck. These actions not only harm China's interests, but also hurt the interests of consumers worldwide.

China's trade surplus didn't just happen by accident. The growing worldwide demand for Chinese products underscores their superiority in quality, affordability and diversity. Even the US demonstrates a strong appetite for Chinese goods, as evidenced by Amazon's decision to introduce a new section on its platform for budget-friendly fashion and lifestyle products from Chinese sellers. This move is aimed at competing with Temu and Shein, showcasing the Chinese manufacturing sector's ability to swiftly adapt to shifting global consumption patterns.

Moreover, China's manufacturing prowess in certain sectors has given it an irreplaceable competitive edge. Particularly in the realm of renewable energy, China's production capabilities for solar panels and wind power equipment have become a crucial part and technical backbone for the worldwide energy transformation. 

Additionally, China has made significant strides in the development of electric vehicles (EVs) and battery technology. 

However, some Western countries appear anxious about China's manufacturing prowess and are attempting to divert attention from their own issues by discrediting China. Despite facing obstacles and restrictions from the US and other Western countries in sectors like 5G technology, Chinese companies continue to excel due to their technological advancements and superior product quality, rendering such containment efforts futile in the long run.

The development of China's manufacturing industry has not only brought more choices and better products to global consumers, but also made a positive contribution to the development of the global economy. The investment of Chinese companies in global factories has not only enhanced their international competitiveness, but also promoted the development of local economies, boosting local employment and resulting in mutual benefit and win-win results.

In the era of globalization, the rise of Chinese manufacturing and global expansion have become inevitable. However, as China's influence in international trade continues to strengthen, some Western nations have adopted a sour-grapes mentality, displaying paranoia toward China's manufacturing capacity. This negative stance fails to address real-world issues and instead reveals their apprehension about fair competition and their own competitiveness shortcomings.

The foundation of a market economy is rooted in competition, serving as a crucial catalyst for economic growth, technological advancement and innovation. China has consistently embraced an open and inclusive approach, inviting businesses worldwide to engage in fair competition. 

Nevertheless, we strongly condemn the use of trade protectionism by certain nations under the guise of security and human rights concerns, specifically aimed at impeding China's progress. Such actions not only contradict the fundamental tenets of a market economy but also pose a direct challenge to international trade regulations.

China does not shy away from the issue of trade friction, but it has always strived to find a win-win solution to conflicts through cooperation for common development. It firmly opposes politicizing or overstretching security or human rights issues in trade friction.

The growth of China's manufacturing industry has not been achieved through any deceitful tactics, but rather through ongoing innovation and hard work. The global competitiveness of Chinese companies is built on their relentless commitment to product quality, consistent investment in technological advancements and sharp understanding of market needs. Chinese companies demonstrate the courage and determination to compete on the global stage, and we are confident in their ability to showcase their capabilities on a fair playing field.