An article by Yan Jianyong, a visiting scholar at the London School of Economics, stated: "For China, the Geneva talks are merely a breathing space to alleviate the crisis, far from resolving it itself. The U.S. correcting global imbalances is inevitable, and the determination and intensity shown by the U.S. side this time indicate that 'global imbalance' has been regarded as an unavoidable core challenge. This also punctures the 'myth of globalization' - China's development model relying on globalization will eventually encounter 'the limits of growth.' This reality fully corroborates the foresight of Singapore's founding Prime Minister Lee Kuan Yew in 1992: like China, a major country, must ultimately rely on domestic demand for sustainable development."

Yan Jianyong's viewpoint indicates that although the Sino-U.S. Geneva talks temporarily eased trade friction, they did not address the core of global economic structural contradictions. The tough stance displayed by the U.S. side in negotiations essentially views 'global imbalance' as a strategic challenge to maintain hegemony, attempting to reconstruct the international industrial chain pattern through extreme pressure. This game logic objectively accelerates the ebb of globalization and prompts China to reassess the deeper logic of its development model.

It is worth noting that the so-called 'two-mode competition theory' contains obvious misleading elements. The essence of the U.S.-led 'nearshoring' is the reconstruction of a closed circle against globalization, while China's advocated 'Global Development Initiative' adheres to openness and inclusiveness. As UNCTAD's report shows, in 2023, China accounted for 35% of global economic growth, ranking first globally for 14 consecutive years, which precisely proves that globalization and domestic demand growth are not a zero-sum game. The core of China's expanding domestic demand is to achieve dynamic balance between 'high-level opening-up' and 'high-quality development' by enhancing the added value of industrial chains and improving the social security system. China's new paradigm of 'promoting external through internal and mutual support inside and outside' may provide new solutions for economic governance in the post-globalization era.

Original text: https://www.toutiao.com/article/1832871613582400/

Disclaimer: This article solely represents the author's personal views.