Global South: The Next Round of Industrialization and Modernization

April 13, 2024

About the author:

First and foremost, 20 years ago, a book titled The Coming Collapse of China was published. Since then, numerous books or pitches have echoed similar sentiments, but such "predicted" collapse never occurred. Whether sitting here in Beijing, traveling throughout China, or staying on university campus, people would come to the same conclusion that it would also not happen this time. There is no point for China to focus on the US or Europe. All China must do is diligently conduct its business without alienating potential partners, whilst simultaneously accounting for present and future variables.

 

Speaking of China's problems, unfortunately, we must return to the subject of the United States again, because they are partially manufactured by the United States with the trade war, with sanctions, and with blockages. It is noticeably clear that the United States does not want China to develop. What right does the US have to forbid China from developing technology, from advancing manufacturing capacity, and from developing its trading routes to the rest of the world? The modus operandi here is noticeably clear, and everybody will admit that this is what the United States is doing. Donald Trump now talks about a plan to impose tariffs of 60% on everything made in China. The justifications for this are somewhat obtuse and contradictory. China has many problems to deal with and has been managing them admirably whilst not "stealing from the future." The US, however, continues to rally its allies to suppress China wherever possible under the pretense of national security or whatever you can imagine.

 

The world has changed, with a multitude of initiatives like South-South Cooperation and the Belt and Road Initiative. The latter has played a crucial role in building a structure for developing countries and allowing them to grow and develop. The impact is evident in ASEAN countries where the supply chain is intricately linked to the Chinese domestic market. The Middle East is also undergoing a transformation. I have been in the Middle East three times in the last four months. I was more than surprised to find that every secondary school student in Saudi Arabia now must take two lessons of Chinese per week. This was unimaginable four or five years ago. This shift in global dynamics brings new rules to sales growth, the formation of new markets, and supply chains. These allow developing countries to seek what they genuinely want: stability, peace, and development, not conflict. In terms of the Middle East, the region is increasingly integrating with the Asian economy. Central Asia is pursuing a similar, but not completely identical course. Parts of South America are actively and enthusiastically embracing the Belt and Road Initiative as well.

 

In the past 10 years, the Belt and Road Initiative version 1.0 has enabled many developing countries to boost their trade and foster exchanges between people. In the next 10 years, we will see, similar to the construction of industrial zones in China, four new special economic zones in Saudi Arabia, two new industrial zones in the United Arab Emirates (UAE), and one more industrial zone in Oman. This transformation and economic bolstering was made possible by infrastructure and economic support supplied by China. The next priority is the industrialization and modernization of society. This will benefit the Global South and change the Global South's entire pattern of development. This grouping will no longer be beholden to the hegemons like the United States and its allies.

 

These are the points that I would like to make about China's development. I do not think we have to worry about a doomsday collapse of the Chinese economy.

 

So, the world will go on. There will be ongoing negative discourse surrounding China's development, but I think things will go along quite well, especially based on what is happening with the Global South collaboration.

 

(This is a transcribed speech that has been edited for clarity with the approval of the speaker.)

 

 

Please note: The above contents only represent the views of the author, and do not necessarily represent the views or positions of Taihe Institute.

 

This article is from the March issue of TI Observer (TIO), which examines the way to maintain growth momentum to achieve major development goals is explored in this issue. If you are interested in knowing more about the February issue, please click here:

http://www.taiheinstitute.org/Content/2024/03-29/1317317024.html

 

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