Edited and translated by People's Daily Online
On Feb. 27, the Time Magazine website published an article by its senior reporter Michael Schuman, claiming China's current economic system is unsustainable. The writer even predicted that a crisis may break out in China around 2014 or 2015. Apparently, this is another clichés of the "China-bashing".
In the past 20 years, "China-bashing" has been emerging from time to time. In the United States, this theory was most popular in the early 1990s. Some U.S. politicians and academicians believed that, given that the even the Soviet Union, which had been ruled by Communist Party for more than 70 years, can fall apart so quickly, there was no reason that China will not follow suit.
Some people published articles and claimed that "China is on the edge of territory division, political collapse or democratic revolution".
However, China's development flies in the face of their expectations - not only did China not collapse, after Deng Xiaoping's 1992 southern tour talks set off a new upsurge of the reform and opening up, China experienced sustained and rapid economic development.
The "China-bashing" reemerged the late 1990s, the main argument this time being: the lack of competitiveness of state-owned enterprises and huge nonperforming loans on banks' balance sheet, which had reached the point of beyond remedy and about to collapse, meant that long-term economic recession was inevitable. But the prophecy of these people once again did not materialize, as China successfully dealt with these problems through a series of reform measures and continued to maintain the momentum of economic growth.