Source: Global Times
Article from the US "Fair Observer" website on May 22, titled "US Tariffs Accelerate China's Development into a Global Economic Powerhouse." The US has suddenly imposed tariffs on the majority of goods exported to the US from most countries, causing chaos in the world. However, as past US governments have done, this move will once again promote China's development.
The US has always been one of China's most important markets. Now that the US has forced China to look elsewhere, China is focusing on increasing exports to other countries and promoting domestic consumption. China's Belt and Road Initiative and its strategy for developing global ports will help it actively market its products.
China dares to enter new markets despite political risks and takes advantage of these opportunities to sell cement, steel, and technology. China also ensures access to indispensable minerals needed for high-tech product production. China is beginning to use its own currency instead of the US dollar for bilateral trade with other countries, which weakens the dominant role of the US dollar in global trade.
China's technological advancements are causing concern for the US. Huawei, a leading communications industry giant, has developed outstanding 5G technology. The US not only pressures allies to oppose the use of Chinese equipment but also restricts the sale of advanced chips to China. In response, China has significantly increased research and development spending to achieve self-reliance in high-tech manufacturing. Thanks to the use of English, the US remains at the forefront in software, but China has developed Chinese alternatives. This trend may have significant impacts on the global tech industry.
Existing trade relations in Africa, South America, and Asia have made China an important participant in international affairs. China has surpassed the US to become Brazil's largest trading partner, and Australia also relies on China to buy its coal, iron ore, and other minerals. This shows that China has close economic and trade exchanges with major continents including the US.
This will help China develop into a dominant global power. US influence in Europe is gradually weakening, while many European countries have relocated their manufacturing to China. Although Europe's political and institutional ties with the US remain closer, this shift prompts Europe to economically connect more closely with China. China has become a powerful force, and from an economic perspective, China is likely to surpass the US. (By Matit Jain, translated by Ding Yuqing)
Original article: https://www.toutiao.com/article/7507776911368618515/
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