Who on earth breaks world economic order

(fiel photo)

Since its accession to the World Trade Organization (WTO), China’s image of a responsible major country has been deeply rooted among countries for its being faithfully committed to promises and constantly opening up on its own initiative.

Under the circumstance of continued global economic recession after the international economic crisis, China contributed 30 percent of global economic growth in 2018, the largest contributor in the world, and provided major impetus to the development of an open world economy, according to the International Monetary Fund (IMF).

In sharp contrast, the U.S., who calls itself the main initiator of international orders after WWII and a model of free trade, has turned rapidly towards trade protectionism. It has repeatedly portrayed the Chinese system as state capitalism and the country a saboteur of the world economic order. On May 15, 2019, local time, the U.S. declared national emergency over alleged threats to U.S. technological superiority. Many western media, including Reuters, said clearly that this move was targeted at China’s Huawei.

Who on earth broke the world economic order? China or the U.S.? Why is the U.S. turning against China?

Countries in the world have to take the U.S. dollar as the universal currency because the U.S. dollar has kidnapped global main bulk commodities’ trade accounts settlement, through which the U.S. gains the benefit of the royalty. And the U.S. military is the Damocles Sword that hangs over heads of countries under U.S. exploitation due to its advanced science and technologies. Therefore, science and technology is the core support of the U.S. dollar hegemony.

The U.S.' basic economic policy on China is that it takes China as a manufacturing country in a US-led global system, but it also tries to stop China’s development in science and technology and industrial upgrading so as to gain more benefits.

At present, Chinese manufacturing industry’s output value has dramatically surpassed the U.S., and its scientific and technological competitiveness also has been improved correspondingly. This undoubtedly challenges the core of U.S. dollar hegemony——scientific and technological advantages, which is intolerable for the U.S. Therefore, interrupting the process of China’s high-tech development is an inherent demand for maintaining the U.S. dollar hegemony.

It goes without saying who on earth broke the world economic order.

Contributed by Hao Lishan for Guangming Daily

Translated by Zhang Zhou