In Washington, DC, a bipartisan consensus about China has emerged: the United States is facing a trade-manipulating, authoritarian intellectual-property thief that represents a strategic threat to the US and its allies and deserves to be punished....
lectual-property thief that represents a strategic threat to the US and its allies and deserves to be punished. But the consensus is wrong. In fact, China deserves recognition, if not appreciation, for its achievements.
Such adaptation is supported by two annual meetings that have been held in Beijing every March since 1998: the National People’s Congress and the Chinese People’s Political Consultative Conference . At these gatherings, top officials from China’s State Council, including key ministers and the premier, create detailed reports, identifying the challenges China faces, as well as a blueprint for continued reform and opening up.
But the neoliberal model has had grave unintended consequences, such as environmental degradation, rising inequality, and the emergence of monopolies . On a more emotional level, globalization and openness has fueled cultural insecurity. As frustration with the advanced economies’ approach has grown, so has mistrust of the experts and elites who championed it.
Despite the challenges China faces – including a high debt-to-GDP ratio and volatile stock markets – the country’s leaders have proved adept at securing progress toward these goals. Consumer price index inflation stands at 2.1%. Last year, 13.6 million urban jobs were added, underpinning an unemployment rate of just 5%, and over 18,000 new businesses were launched every day, on average. China’s international trade and payment position is largely balanced.
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