Biden targeting the wrong tree: Media

US President Joe Biden's rhetoric about China's economy as a "ticking time bomb" during a fundraising event is inaccurate and sensationalistic, which demonstrates his lack of understanding of the complexities of China's economy, The Jakarta Post reported on August 19, 2023.

There is no doubt that July presented a mixed picture that left analysts squinting for clarity about China's financial numbers. China's CPI, PPI, and the offshore renminbi all experienced a dip. But other data shows that, despite continued direct and indirect US pressure, China has shown resilience and continues to attract foreign investment, particularly in high-tech sectors.

The tumultuous current of transient economic data and Western media critiques holds no sway in disparaging China's steadfast economic trajectory in the post-pandemic period. Biden's claim that China's recent economic numbers make it vulnerable to decline carries an air of ignorance and prejudice. In this disconcerting race, the true casualty is factual accuracy, said the writer.

As evidenced by Fitch Ratings' recent downgrading of the US debt rating from AAA to AA+, the country's economic trajectory is far from stellar. Fitch's sobering appraisal attributed this devaluation not to a mere isolated bout of partisan wrangling over the debt ceiling but rather to a protracted decline in governance standards over the course of two decades. This conspicuous erosion pertains specifically to the fiscal and debt dimensions, signifying a chronic predicament rather than a transient hiccup, according to the paper.

Contrasting these realities, one is compelled to discern the glaring disparities between China's measured resilience in the face of global adversities and the US' own vulnerability. The Chinese economy, while not immune to the challenges posed by the pandemic, has demonstrated an impressive capacity to adapt and persevere. Overcoming hurdles such as youth unemployment and bolstering domestic consumption, China has displayed economic robustness far from the notion of a "ticking time bomb", the writer stated.

As the article pointed out the US' penchant for polarization, fiscal imprudence, and bellicose international conduct portrays a nation precariously situated on a veritable time bomb of its own making. The fragility of its economic governance, coupled with its unilateral disruptions to the international order, paints a bleak picture that starkly contrasts with China's measured resilience.

The article concluded by stating that the real "ticking time bomb" lies within the United States, driven by shortsightedness and neglect, that pose a threat to the global economic platform. If Biden's aim is to scrutinize such a volatile concept, he might be prudent to reassess his comments, for it is the US, not China, that symbolizes the disquieting idea of an imminent disruption on the global economic platform.