An assortment of Chinese economic experts from the Shanghai Academy of Social Sciences attended an Al-Masry Al-Youm seminar with international experts, where they affirmed that Israel’s wars on the Gaza Strip and Iran will impact the global economy.
The experts also warned of the negative impact that American tariffs will have on the world, and how Washington seeks its own success over the expense of others.
Belt and Road
Referring to the importance of the “Belt and Road” initiative as a step towards a shared future and a path to peace, the experts discussed China’s plans to eradicate poverty. They also touched on the revolutionary potential of AI technology and how it can be used to help treat previously incurable diseases.
The Vice President of the Chinese Academy of Social Sciences in Shanghai, Wu Xiuming, raised the importance of understanding the the “Chinese Modernization Model,” which aims to eradicate poverty in China.
Xiuming also touched on aiding friendly countries to China, such as Egypt, in in its economic advancement through investment projects as well as combating poverty.
He explained that there is a common goal through a strategy for all countries, taking into account that each region and nation has its own characteristics.
He emphasized that transferring China’s experience does not necessarily have to be an exact translation, as each country has a specific population range compared to China, which exceeds 1.4 billion people.
Xiuming assured that China has not and will never follow colonialism, and supports “progress and peace for all”. Thus through the “Belt and Road” initiative, Beijing is working to promote economic and security peace, and numerous mega projects are underway, such as the Administrative Capital in Cairo.
Beijing commended the progress of the projects achieved in Egypt, which will benefit future generations. Xiuming also pointed out that through his visit to Cairo, he is better learning on how to benefit from the Belt and Road Initiative, address obstacles, solve problems, and overcome them.
America’s tariffs threaten global economic security
A Professor of Economics at the Institute of Chinese Studies and Chinese Academy of Social Sciences, Xie Yiqing, discussed the issue of tariffs imposed by the US on many countries around the world. China bore the brunt of these unjustified tariffs, which has impacted both the US and China.
Despite Washington’s 90-day reprieve, China was already impacted within a month. If tariffs are reimposed, it will harm the global economy, with businesses closing and tourism impacted.
She explained that China feels responsible and is not against the American government, but warned that Trump’s administration is harming the world at a time Beijing seeks to be fair in its decisions.
China sees Trump’s America as believing that Washington should be the winner above all, while China is working on fair distribution.
“If there is a ‘cake,’ the US wants to eat it alone, but China wants everyone to eat, regardless of who gets the bigger or smaller piece, but the important thing is that everyone eats and benefits,” she explained.
Israel’s brutal war harms the global economy
An academic and deputy editor-in-chief of the Journal of Social Sciences, Sheng Li, who is interested in the foundations of international trade, said that certain steps lead to the development of the international economy.
Although international trade has undergone changes and leaps, there is an optimistic view of international trade, and the evidence for this profitability being achieved.
Li however warned that the international economy is negatively impacted by wars, and noted the harm that Israel’s war on Gaza and Iran will have on global trade.
Yet despite the international conflicts and disputes, optimism in the global economy remains.
The benefits of Artificial Intelligence
Li explained that in order to develop the global economy, scientific research must be advanced through technological revolution and artificial intelligence in order to promote globalization, which the Belt and Road Initiative is part of.
However China will not force anyone to fall under the initiative, and instead it exists to generate profits and provide job opportunities. He called for the importance of long-term scientific cooperation and economic development, which will lead to political stability rather than chaos.
Li noted that Beijing is working to embrace AI and harness its potential for greater benefits, as it has already had an impact on everything through research, job creation through innovation, and improved living conditions.
The Vice President of the Chinese Academy of Social Sciences in Shanghai, Wu Xiuming, believes that AI is a means, not an end. Through its revolution in this field, it has been able to change everything.
At Shanghai University and the Chinese Academy of Social Sciences, transportation research takes at least a week, while the DeepScience AI application has succeeded in completing it in 30 minutes.
So it works to shorten the time, and in the midst of the information revolution, it has an impact on energy, electricity, and all jobs.
He gave an example of how, in order to advertise a product on the beach, and to work on having a model go, and choosing the appropriate time and circumstances, all estimates indicate that it would take several months to film it, AI has shortened that to just 30 minutes.
AI has also made impressive results in the medical field through the analysis and examination of genetic and incurable diseases, and the administration of medications and treatment by entering the medical history of the patient.
This means that AI will bring about a strong breakthrough in the diagnosis and treatment of diseases, which will be even more accurate.
He continued: “Within the next three to five years, there will be a comprehensive change in artificial intelligence and the revolution it will bring about. However, it will not eliminate jobs or provide alternatives, nor will it eliminate human labor – rather, they will employ it. Therefore, the outlook is not pessimistic, as it will eliminate real jobs. On the contrary, it will eliminate jobs that are useless and will create major jobs that will benefit the international community.”
Combating poverty
The Chinese experts in international economics at the Shanghai Academy of Social Sciences emphasized the importance of the Belt and Road Initiative as a step toward a shared future and a path to peace, while also noting China’s plans to eradicate poverty.
The experts explained that through the academy’s research, the concept of “peaceful development” was emphasized as a Chinese cultural tradition, and that the government is working to combat poverty through self-reliance and hard work.
This serves to enhance international cooperation, as history shows that by designing rules, cultural ties, and economic balance, major powers can build a new model of peaceful coexistence, which is what the Chinese Communist Party emphasizes.
China’s efforts to reduce poverty and achieve common prosperity were emphasized, including prioritizing agriculture, laying the foundation for food security, strengthening targeted poverty reduction to help the rural poor prosper, and promoting rural revitalization through the “Ten Thousand Villages” project.
It is also leading the transformation towards rural modernization, narrowing the “income gap,” enhancing income distribution, and reforms to reduce social polarization.
Experts stressed that poverty reduction remains a common challenge for countries around the world. Since the founding of the People’s Republic of China, the Chinese government has launched large-scale and sustained efforts to alleviate poverty, achieving remarkable results.
Beijing has succeeded in eliminating poverty for about 100 million people.
The Chinese government has put forward a comprehensive vision for China’s future development and identified five distinct features along China’s path to modernization: livable and vibrant homes, providing several policy measures to boost farmers’ income growth, promoting rural work and human rights, developing agricultural production capacity, a new socialist countryside, and issuing decisions on accelerating water reform and development.
They pointed out that, according to the National Bureau of Statistics of China, China’s total grain production last year reached 707 million tons, an increase of 11.1 million tons over the previous year—a growth of 1.6 percent.
This marks the first time that grain production has exceeded the 700 million-ton threshold since then.
This has also boosted China’s economic recovery and supported high-quality development, and has contributed to the stability of the global food market.
Chinese experts at Al-Masry Al-Youm symposium warn that US and Israel are harming global economy Egypt Independent.
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