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Global Times: To Rise, China Needs to Fight another 30 Years of “Protracted Battle”

Wang Wen, Executive Dean of the Chongyang Finance Institute at Renmin University of China, published an article evaluating China’s rise relative to the current world powers. The article said, “Over the past decade, the most popular academic view of the world’s changing situation is the rise of emerging countries and the decline of established developed countries. However, judging from the share of the total national economy in the global total, the actual situation is more complicated and subtle.”

“The so-called ‘readjustment of the global economic and financial structure’ in the past decade is actually a structural adjustment between China and the established powers of Western Europe and Japan. It has not shaken the status of the United States.”

“Although there is no real shake-up of the U.S. economic status, it is undeniable that the global financial crisis has hit the soft power of the United States. Over the past decade, the world has constantly criticized the loopholes in the U.S. financial regulatory system and reflected on the shortcomings of the democratic and liberal system in the United States. In the course of criticism and reflection, the self-confidence of the Chinese society has gradually recovered. Especially in recent years, China has hosted the G20 Summit, the Summit on the International Cooperation of the Belt and Road Initiative, the BRIC Leaders’ Summit, and the Summit of the Chinese Communist Party and the World Political Parties, prompting more and more countries to recognize and adopt the ‘China proposal.’ There are even many countries that try to follow China’s example.”

“However, the Chinese people must be soberly aware that the gradual recognition of the ‘China proposal’ is only the first step toward the ‘great march of longevity’ for the great rejuvenation of the Chinese nation and does not mean that the road to rejuvenation has come to an end. China’s overall strength is still far behind the United States, the only superpower in the world. It will still take a long time to catch up and surpass it. It will take time for China’s rise to be convincing to the world.”

“The real remodeling of the international system is subtle and difficult and is entering a long ‘protracted battle,’ meaning that the great rejuvenation of the Chinese nation has also entered into a ‘protracted battle’ that will go on for about 30 more years.”

Source: Global Times, January 9, 2018

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