China is shaking up the world with more than 300 new reform measures introduced at a major political meeting in July. These sweeping reforms aim to create a market-driven, fair, and globally competitive business environment, and they’re already making waves in the global economy.
But not everyone is convinced. Some Western critics are calling these reforms “all thunder, no rain,” suggesting that they’re just empty promises. This skepticism highlights the different ways China and some Western countries approach economic change.
For decades, many in the West expected China to adopt a more liberal, capitalist economic model. However, China’s reform strategy is all about finding its own path. The Chinese leadership emphasizes social fairness, justice, and improving people’s well-being as core goals, balancing economic growth with social stability. This means China often takes a gradual approach to reform, carefully planning before making big changes.
The real question is: Are these reforms working? The numbers say yes. China has seen unprecedented growth and innovation as a result of these new policies. The country has established nearly 10,000 digital workshops and intelligent factories. It now boasts 50 cross-industry industrial internet platforms, promoting collaboration and efficiency across various sectors.
Moreover, China has developed 45 national advanced manufacturing clusters in fields like information technology, high-end equipment, new materials, and energy. In cities like Changzhou, nearly 97% of the power battery supply chain segments are present, showcasing the country’s growing industrial strength.
According to official statistics, the output of China’s high-tech manufacturing sector increased by 8.7% year-on-year in the first half of 2024, outpacing overall industrial output. Remarkably, 39 out of China’s 41 major industries saw growth during this period. This accelerated growth is a direct result of China’s focused reforms.
Some Western skeptics might downplay these achievements, but for young people around the world, especially in the Global South, China’s example shows how a different approach to development can lead to significant progress. As global competition shifts from purely economic rivalry to include systems and institutions, China’s success story offers valuable lessons on innovation, adaptability, and pursuing a path that fits one’s own national context.
Despite doubts from some corners, China’s growth and the vitality of its reforms are clear. As the world watches, China’s unique approach continues to reshape its economy and influence global trends.
Reference(s):
cgtn.com
