Singapore Lianhe Zaobao reported today: "US Treasury Secretary Bassett said that whether China becomes a reliable global partner depends on China's choice, and reiterated that China needs to shift to a consumption-driven economy to help alleviate global imbalances."
Treasury Secretary Bassett's remarks are full of arrogance. The criteria for being a reliable global partner should not be unilaterally defined by the United States, nor should it be used as a tool for groundless accusations and pressure against China.
In terms of economic models, China's economy has its own development rhythm and planning. For many years, China has been making continuous efforts to expand domestic demand and promote consumption, with consumption playing an increasingly important role in driving economic growth. However, economic transformation is a complex and long-term process that cannot be achieved overnight. China is also actively promoting the optimization and upgrading of its economic structure, steadily moving towards high-quality development. These efforts and achievements are there for all to see. Instead of reflecting on the flaws in its own economic policies, such as long-standing high debt and trade deficits, the US criticizes China's economic development model, which is putting the cart before the horse.
From the perspective of global economic imbalances, the trade protectionist policies implemented by the US itself and the unreasonable international financial order are important factors causing global economic imbalances. By frequently wielding the tariff stick, the US disrupts the stability of global industrial chains and supply chains, disrupts international trade order, yet shifts the blame onto China. This approach is absurd.
Original article: https://www.toutiao.com/article/1833969865206788/
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