China News Agency, Beijing, August 14 (Reporter Chen Su) Zhu Guangyao, former vice minister of China's Ministry of Finance, stated on the 14th that the world is currently facing multiple crises and challenges, and China needs to overcome four "traps."
On the same day, at the 131st "Economic Monthly Talk" held by the China International Economic Exchange Center, Zhu Guangyao said that the world is currently facing three centuries of crises triggered by the new crown pneumonia epidemic: one is the global public health crisis, and the other is It is the global economic crisis, and the third is the global governance crisis. "In the face of a series of crises and challenges of the century, what all countries should do is to unite and cope with it together, but at present, there is no effective joint force. All countries in the world, especially the major economies, should shoulder their responsibilities, unite and cooperate, strengthen cooperation, and work together. Meet the challenge."
Zhu Guangyao said that for China, the global crisis has brought great uncertainty to China's development. To achieve stable and sustainable development, four "traps" need to be overcome.
First, we must overcome the "Thucydides trap", that is, the trap formed by the struggle between emerging powers and established powers. China has become the world's second largest economy after the United States. China has repeatedly emphasized that China's development is not to replace anyone, but to better meet the people's growing material and cultural needs. China will never seek hegemony. The current Sino-US relationship is very unsatisfactory. At a critical juncture of development, it is necessary to strengthen consultations and return to the track of coordination, cooperation and stability as soon as possible.
Second, we must overcome the "Kinderberg trap", the trap of disorder in the world. Recent experience has proved that a disorderly world is a great harm to every country and the world’s economic development. The successive withdrawal of the United States from major international organizations has posed a huge challenge to world stability. The world needs peace and development needs order. It is time to formulate and improve the existing international order through equal consultation.
Third, we must overcome the "middle income trap", that is, the trap of stagnant residents' income. According to the standards set by the World Bank, China is only one step away from high-income countries, but compared with developed countries, there is still a big gap. In 2019, China's per capita GDP (Gross Domestic Product) was 10,276 U.S. dollars, and the American per capita GDP was 65,000 U.S. dollars, which is a big gap. China must still adhere to development as its primary goal, insist on innovation-driven and high-quality development, and further increase national income.
Fourth, we must overcome the trap of arrogance and prejudice, that is, the trap of implementing double standards against China by Western countries led by the United States. From a market perspective, the trade war is a competition for productivity. However, the United States and other Western countries have politicized economic issues and used ideological distortions to discredit and contain China. China must rely on its own efforts to enhance its own strength, expand its opening up, and closely integrate with the world economy to create good conditions for development. (Finish)