Xinhua Commentary: U.S. narrative of "Chinese economic rebalancing" is false

BEIJING, July 30 (Xinhua) -- The recent narrative by some U.S. officials that Chinese exports are "flooding" the global market and China's economy needs to be "rebalanced" is nothing more than the same tired rhetoric repeatedly employed against China. These unfounded claims ignore the monumental shifts underway as China's economy enters a stage of high-quality development.

Although China's total exports remain large, the share of exports in the Chinese economy has been steadily declining over the years, a proportion now lower than that of countries like Vietnam, Germany and South Korea. Meanwhile, China's imports have continued to grow, reaching over 2.64 trillion U.S. dollars in 2024, more than 10 times the amount in 2000.

Today, China's economic growth is increasingly driven by domestic demand. In 2024, consumer spending contributed to more than 40 percent of GDP growth, boosting GDP by 2.2 percentage points and serving as the primary engine of the Chinese economy.

The development of China's manufacturing sector is the result of its own efforts as well as invaluable global cooperation. It is driven by market demand and comparative advantages.

Increasingly, foreign companies are establishing R&D centers in China, while Chinese manufacturing is transitioning toward higher-end sectors. For example, exports of new energy vehicles have helped accelerate the transformation of the global auto industry. China is not only the "world's factory," but is also becoming the "world's laboratory."

Building on its established position in global value chains, China is enhancing its production and innovation capabilities. It aims to help construct a more inclusive, efficient and beneficial global value chain system, ultimately contributing to the well-being of people around the world.

U.S. politicians clamoring for the "China rebalancing" rhetoric are pushing an agenda of decoupling from China. It won't work. In a globalized economy, what countries truly need is cooperation, not zero-sum thinking. ■