Long a bastion of private capitalism and free markets, the US has now acknowledged that private enterprise alone cannot guide macroeconomic development and that government policy is essential to balanced economic development.
The European Union has now come up with an EU-wide industrial policy backed by muscular state funding. It has joined the US in recognising the clear fact that government subsidies are needed to nurture growth and a more effective and competitive private sectorThe West should be grateful to China for administering shock treatment to their “advanced” economies that have grown used to resting on their laurels and which have become sclerotic in their response to change. But instead of being grateful for this generosity, the US and Europe feel more inclined to vent their wrath upon China with tariffs and sanctions, and even talk of revoking China’s permanent normal trade relations status.
Source link : https://www.scmp.com/opinion/china-opinion/article/3279116/west-should-thank-china-kick-starting-its-economic-growth
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Publish date : 2024-09-21 07:00:00
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