新华时评｜所谓“中国经济再平衡”是个伪命题

Core Viewpoint - The notion of "China's economic rebalancing" is deemed a fallacy that ignores the structural characteristics of China's economic development and contradicts basic economic principles [1][2]. Group 1: Economic Structure and Trade - China's manufacturing export scale is larger than that of other countries, but the proportion of exports to GDP has been declining since 2010, currently lower than that of Vietnam, Germany, and South Korea [2]. - China's imports have also increased, with goods trade imports projected to exceed $2.64 trillion in 2024, a tenfold increase since 2000 [2]. - The foreign trade dependence of China is now lower than that of South Korea, Germany, and Japan, indicating a shift towards domestic consumption and investment as the main drivers of economic growth [2]. - In 2024, final consumption expenditure is expected to contribute 44.5% to China's economic growth, driving GDP growth by 2.2 percentage points [2]. Group 2: Global Economic Integration - The narrative of "China's economic rebalancing" distorts the general rules of economic globalization, where countries develop comparative advantages through resource allocation and participate in global competition [3]. - China's integration into the global industrial chain has been facilitated by ongoing economic reforms and an improved business environment, attracting foreign investment and technology [3]. - The competitive advantage of China's manufacturing sector is a result of both domestic efforts and deep participation in global industrial division [3]. Group 3: Innovation and Global Value Chains - The argument for "China's economic rebalancing" is rooted in a zero-sum game mentality that hinders the upgrading of global value chains [4]. - China's manufacturing sector is advancing from low-end to high-end production, significantly contributing to global technological innovation and industrial upgrades [4]. - The export of Chinese products, particularly in the electric vehicle sector, is driving the global automotive industry towards electrification and intelligence [4]. - Multinational companies are increasingly establishing R&D centers in China, transforming the country from a "world factory" to a "world innovation laboratory" [4]. - The narrative of "China's economic rebalancing" is seen as a continuation of previous misconceptions about China's economic impact, which overlooks the collaborative benefits of China's manufacturing for global consumers and multinational corporations [4].