The future of the global economy rests with China

During their meeting in Britain last week, the Group of Seven rich countries recognized China’s successes in various fields, and expressed their fear of the communist dragon’s influence on the global economy, which prompted the group’s countries to develop a strategy to lay the foundations for a new world order to neutralize China.

In this meeting, the group realized that the future of the global economy will depend on four major strategic alliances, the greatest of which will be led by China in the “ASEAN” bloc, which will rise to the first place as the largest economic partnership with a total output of more than 41 trillion dollars, surpassing the European Union, which will occupy the second place With a total output equal to $38 trillion, followed by North American countries to rank third with a total output equivalent to $36 trillion, and the BRICS group of five countries led by Russia to rank fourth with a total output of more than $28 billion.

The Group of Seven noted that the capitalist countries, which they lead, are today groaning under the weight of competition, which they formulated its provisions, so that communist China occupies a leading position in global trade, and removes the American giant and the European giant from the throne of globalization.

Since its inception in 1976, the countries of the group were convinced that China could not be a competitor to them in light of the communist dragon’s failure to implement the provisions of the free economy. The group was surprised today that its imports from Chinese exports rose during the past five years at a cumulative rate of 383 percent, and the trade balance became Between America and China tends to interest China with a value of more than 600 billion dollars annually. This prompted America to impose customs duties on its imports from China, on average, amounting to 45 percent, causing this move to weaken global trade growth at a rate of 2.8 percent in 2019, making it the fifth consecutive year in which this growth rate is less than 3 percent. According to the latest report issued by the World Trade Organization.

In contrast to America and Europe, China took advantage of the opening of world markets to its exports, to achieve with its allies more successes at the expense of the capitalist countries, and won advanced ranks over all countries in the club of the rich. During the past decade, the Chinese delegation to the World Trade Organization achieved the best participation rate among 164 countries in the meetings of the organization, as it participated in 6,450 negotiating meetings, discussed 65,000 official papers, submitted 312 notifications, in addition to proposing 27 new economic initiatives, making the Chinese delegation an example to follow. in the corridors of the organization.

Contrary to the expectations of capitalist countries, China succeeded in reducing the poverty rate among its societies from 73 to 32 percent, and direct investments flowing into its markets achieved the highest rates in the world, contributing to the creation of 100 million new jobs and 100 million other jobs ready to attract Chinese university graduates in the next decade. Accordingly, the Chinese private sector obtained 66 percent of the new jobs created, controlling 70 percent of the domestic economy and 60 percent of the growth of gross domestic product.

China did not delay in restructuring its state-controlled industrial sector, rehabilitating 50 million workers and employees, providing housing at low prices for all private sector workers and employees and giving them the opportunity to invest in its state-owned commercial enterprises, which led to the strengthening of the middle class level in Chinese society.

Thirty years ago, the per capita income of China’s gross domestic product was no more than $500, and 30 percent of China’s population was suffering from poverty, hunger and disease. Today, the per capita income exceeds $3,000, so that 97 percent of the members of society live better than their peers in some capitalist countries.

During the past decade, the Chinese economy achieved impressive results, especially in real growth rates, to celebrate today, attracting 35 percent of foreign investments in the world to establish 400 global companies, ranked among the 500 largest companies in the world, with more than 390,000 Chinese companies operating in 170 countries. around the world. China has become the second largest cash reserve in dollars, amounting to more than three trillion dollars this year, and China has become the largest producer of coal, iron and cement in the world, the second largest consumer of energy, and the third largest importer of oil.

Despite the Corona pandemic, Bloomberg Agency expected in a report last month that the Chinese economy would grow at a rate of 5.5 percent over the same period last year, to regain most of the gains it lost due to the record downturn in the first three months of this year.

China’s success in the field of globalization and achieving its goals in sweeping the markets of rich countries did not come by chance or through a promising boom. Rather, it came as an inevitable result of China’s skill in defining its development goals, harnessing its competitive advantages, and tightening its grip on the helm of globalization through its effective participation in its international forums to benefit of its provisions and the neutralization of randomness.

 

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About AISU

Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

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AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

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