Economic targets for China were announced during the National People’s Congress of at least 6.5% annual GDP growth during the 13th Five Year Plan in 2016-20 and 6.5%-7.0% for 2016. Some Western economists claim such targets cannot be achieved. In fact, analysis of supply side factors, which will primarily be relied on to achieve these goals, shows clearly why China can achieve its 6.5% minimum growth goal.
The following article by John Ross, setting out why the Chinese economy will not have a hard landing, was previously published by Socialist Economic Bulletin.
Some US hedge funds, echoed by parts of the international media, are currently trotting out the perennially inaccurate myth that China's economy is about to suffer a "hard landing." This invariably incorrect prediction has been periodically repeated for decades since China launched economic reforms in 1978. The claim then was that by failing to privatize companies, not adopting what became known as "shock therapy" in Russia and Eastern Europe, China condemned itself to stagnation. Instead in 1978-2015, China experienced average annual 9.6 percent GDP growth - the fastest by a major economy in human history.
A major discussion is taking place in China on the issue of its economy’s ‘supply side’. Naturally there are aspects of this which relate to specifically Chinese issues. Discussion in China also differs fundamentally from that in the West in that it takes place simultaneously in both ‘Western’ and ‘Marxist’ economic terms. Nevertheless the overall framework of this discussion equally relates to the key issues of economic policy in Western countries.
A great deal of highly inaccurate material is currently appearing in the Western media about the ‘crisis’ of China’s economy – an economy growing three times as fast as the US or Europe. This follows a long tradition of similarly inaccurate ‘crash’ material on China symbolised by Gordon Chang’s 2002 book ‘The Coming Collapse of China’.
On September 3, China will stage a Victory Parade commemorating the Chinese People's War of Resistance Against Japanese Aggression and China's contribution to the World War against fascism. This is a solemn day for China and an opportunity for the world to better understand events that are not only historical in character but without which today's world cannot be comprehended.
The following article by Jude Woodward, assessing the US 'Pacific pivot' strategy following Obama's recent visit to Asia, originally appeared on her New Cold War blog.
Obama’s November week-long, whistle stop tour of Asia – attending the Beijing APEC (Asia-Pacific Economic Co-operation) summit, the ASEAN meeting in Myanmar and the G20 in Australia – was intended to re-launch America’s crucial Asia-Pacific (aka China) strategy, in the doldrums since Obama’s aborted 2013 trip cancelled in the context of the ‘fiscal cliff’ crisis. Instead the trip merely underlined how much ground the USA has to make up in order to trump China’s growing influence in the region.
The following article by Jude Woodward, examining the new cold war the USA is whipping up against China, originally appeared on her New Cold War blog.
The United States has launched a confrontation with China that it is attempting to project as of Cold War dimensions. Its clear aim is to isolate China diplomatically and politically, threaten it militarily, force it to divert investment from the productive economy to military spending, exclude it from world markets and label it a ‘pariah’ state.
By Jane West
The decision of the United States to fly two B-52 bombers unannounced through Chinese strategic airspace was nothing less than a calculated, and extremely dangerous, act of aggression against China, further whipping up tensions in the East China Sea.
The B-52 fly-through was directly aimed at toughening up Japan’s stance vis-a-vis China. Two Japanese airlines that had previously agreed to inform China of flights over the disputed Diaoyu islands withdrew this agreement following the US action.
The following article by John Ross evaluates China’s contribution to the reduction of human poverty. It previously appeared at Socialist Economic Bulletin.
In 2010 Professor Danny Quah, of the London School of Economics, noted: 'In the last 3 decades, China alone has lifted more people out of extreme poverty than the rest of the world combined. Indeed, China’s ($1/day) poverty reduction of 627 million from 1981 to 2005 exceeds the total global economy’s decline in its extremely poor from 1.9 billion to 1.4 billion over the same period.' The aim of this article is to analyse the situation taking data published three years after Quah's analysis; look at the trends not only of extreme poverty, which the World Bank calculates using expenditure of $1.25 a day or less; examine a slightly wider poverty definition ($2 a day expenditure), and compare the trends in other regions of the world economy.
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