africa.chinadaily.com.cn
China Leverages Digital Technologies to Boost Global Competitiveness Amidst Economic Growth Challenges
At the 2025 ZGC Forum in Beijing, leading economists discussed China's use of digital platforms to help SMEs expand overseas and its pursuit of institutional opening-up to gain global competitiveness, also addressing challenges to economic growth and proposing fiscal reforms.
- How is China using digital technologies and institutional reforms to enhance its global economic competitiveness, and what are the immediate impacts of this strategy?
- China is leveraging digital platforms to assist SMEs in expanding globally and is pursuing institutional reforms to enhance its competitiveness in the digital era. This strategy involves promoting the internationalization of the digital yuan and exploring renminbi-pegged stablecoins in Hong Kong to boost the renminbi's global standing.
- What are the potential implications of the rise of stablecoins, particularly renminbi-pegged stablecoins in Hong Kong, for the global financial system and the role of the renminbi?
- The increasing importance of digital technologies in globalization is reshaping international trade and labor divisions. China's approach combines institutional opening-up with digital platform support for SMEs, aiming to create new global competitive advantages and expand the reach of Chinese cultural products and services.
- What are the key challenges hindering China's economic growth, and how might the proposed fiscal reforms and shift in public financial thinking address these challenges and what are the potential long-term consequences?
- While China actively promotes the digital yuan and explores renminbi-backed stablecoins, concerns remain about the nation's overall economic growth potential. To address this, a shift towards long-term public financial thinking, replacing local government debt with treasury bonds, and focusing on infrastructure development are proposed to stimulate economic activity.
Cognitive Concepts
Framing Bias
The framing is largely positive towards China's digital economic initiatives. The article highlights the benefits of these initiatives and the opinions of economists supporting them. Headlines or subheadings (if present) likely reinforce this positive tone. The challenges and potential downsides are mentioned, but receive less emphasis than the positive aspects.
Language Bias
The language used is generally neutral, although phrases such as "building new competitive advantages" and "accelerating the international division of labor" could be perceived as subtly promotional. The article could benefit from more precise and less evocative language, such as replacing "building new competitive advantages" with "developing new capabilities" or "enhancing its global competitiveness.
Bias by Omission
The article focuses heavily on the perspectives of Chinese economists and officials, potentially omitting counterarguments or alternative viewpoints on China's digital economic strategy and its impact on global markets. The potential impact of China's digital economy on other countries and their responses is not thoroughly explored. While acknowledging space limitations is a factor, the lack of diverse voices could limit the reader's ability to form a fully informed opinion.
False Dichotomy
The article doesn't present a false dichotomy in a strict sense, but it could be argued that by heavily emphasizing the positive aspects of China's digital strategy, it implicitly sets up a dichotomy between China's approach and other potential models without exploring the nuances of those alternatives.
Sustainable Development Goals
The article highlights China's use of digital platforms to help SMEs expand overseas, boosting economic growth and creating jobs. This directly contributes to SDG 8 by promoting inclusive and sustainable economic growth, employment, and decent work for all.