West should see China's rise as opportunity
The development of the Global South, BRICS and the Belt and Road countries represents the transition from the old, unipolar world to a multipolar world. This transition is unstoppable and greatly contributes to the global economy.
Unfortunately, China's rapid development is often viewed with suspicion by the West, which continues to indulge in zero-sum games in international relations and international trade.
But there is another way in which countries can engage with one another — that is, the win-win approach, whereby the growth and development of one country also brings benefits to other countries. I do recognize that relations between countries can take the shape of competitors or partners. Competition for competition's sake is part of zero-sum-games and, unfortunately, the West has come to see country-to-country relations more as competition. On the other hand, countries that pursue mutual benefit, see country-to-country ties more as partnerships.
China's economic growth has improved the life of the Chinese people, creating a huge market with increasing demand for goods and services, with the growing middle-income group in China opening up a lucrative market for high-quality Western products.
The United States-led West, therefore, needs to accept trade is not a zero-sum game. The growth of China's economy stimulates global demand, benefiting its trading partners by providing new avenues for exports. In fact, European Union companies have been capitalizing (and can continue to capitalize) on China's demand for luxury goods, automotive products and high-end manufacturing. By fostering trade relations and reducing trade barriers, the EU and China can achieve mutual economic prosperity.
The zero-sum game mentality, where one party's gain is another party's loss, is outdated and counterproductive. Instead, countries need to adopt a win-win approach to international relations. By cooperating with China, the EU and the rest of the West can find synergies that benefit all sides. This collaborative mindset fosters an environment where innovations, resources and growth are shared, leading to greater overall prosperity.
China's significant investments in technology and innovation have transformed it into a global leader in fields such as 5G, renewable energy and artificial intelligence. Collaboration with China in these areas can spur the West's technological advancements, and joint ventures and research partnerships can lead to shared knowledge, improved technologies and more innovations.
Europe can benefit from China's advancements in renewable energy technology to meet its ambitious climate goals, as collaborative efforts in research and development can accelerate the adoption of green technologies, contributing to global sustainability. This is the essence of a win-win approach, where both parties advance their technological capabilities and address global challenges together.
China's development has also led to the expansion of its financial market, creating new opportunities for Western investors. The liberalization of China's financial sector allows for increased foreign participation, offering attractive investment opportunities. As such, EU financial institutions can benefit by diversifying their portfolios in one of the world's most dynamic economies.
Besides, the Belt and Road Initiative, despite some Western countries' attempts to smear it, has created significant opportunities for infrastructure investment and development. EU companies participating in Belt and Road projects can gain access to new markets and contribute to global economic growth. The initiative exemplifies the value created for all the parties involved in collaborative projects, reinforcing the win-win philosophy.
Cultural exchanges are another area where China's development offers substantial opportunities. Increased people-to-people exchanges, tourism and collaboration in the educational field can foster mutual understanding and goodwill, while cultural diplomacy can play a crucial role in reducing tensions and strengthening ties between China and the West.
Moreover, educational exchanges can help bridge the cultural gaps and create a generation of leaders who understand both Western and Chinese perspectives. This mutual understanding is essential for collaboratively addressing global challenges.
One of the biggest problems with the West's perception of China's development is the prevalence of misconceptions and fear about the country's intentions. To dispel such misconceptions and fears, and foster cooperation, the two sides need to engage in open dialogue and build trust.
Therefore, the West should see China's rise as an opportunity for more collaboration, not confrontation. While constructive engagement, rather than efforts to contain, can lead to mutually beneficial outcomes, a thorough understanding of China's development goals and aligning them with Western interests can help build a more stable and prosperous world order.
The potential benefits of economic collaboration, technological innovation, investments, cultural exchanges and trust-building are substantial. By embracing the opportunities to do so, the West can enhance its economic and technological prowess while contributing to global stability and prosperity. Instead of succumbing to unnecessary fear and suspicion, the EU and the rest of the West should engage with China in a spirit of cooperation and mutual respect.
The future of global development lies in partnerships, not isolation. And adopting a win-win approach rather than falling prey to a zero-sum mentality is essential for fostering a more interconnected and prosperous world.
The author is former Undersecretary of State at the Italian Ministry of Economic Development.
The views don't necessarily represent those of China Daily.
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