STORY: U.S. economist refutes reports of "Chinese economic collapse"
SHOOTING TIME: Oct. 30, 2023
DATELINE: Nov. 10, 2023
LENGTH: 00:02:36
LOCATION: Washington D.C.
CATEGORY: ECONOMY

SHOTLIST:
1. various of the U.S. (File)
2. SOUNDBITE 1 (English): JEFFREY SACHS, Director of the Center for Sustainable Development at Columbia University
3. various of China's economic sectors (File)
4. SOUNDBITE 2 (English): JEFFREY SACHS, Director of the Center for Sustainable Development at Columbia University
5. various of China's economic sectors (File)

STORYLINE:

A renowned U.S. economist has said reports in the U.S. press about so-called "Chinese economic calamity" or "collapse" are "stupid."

Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University, said China is a dynamic and innovative economy, with plenty of development ahead.

SOUNDBITE 1 (English): JEFFREY SACHS, Director of the Center for Sustainable Development at Columbia University
"There have been many silly -- I'd even use a stronger language -- stupid articles in the U.S. press about the Chinese economic calamity, the collapse or coming crisis of China. I don't believe that. China is a very dynamic economy, very innovative, very successful at low cost, high-quality production of many of the most important goods and services the world needs right now, like photovoltaics, or wind turbines, or batteries for zero carbon energy, or electric vehicles, or fast rail, 5G. All of these areas are areas where China is highly competitive and also providing financing to many developing countries through the Belt and Road Initiative and the Asia Infrastructure Investment Bank and the New Development Bank to help invest in these technologies and in China's low-cost and high-quality infrastructure goods and capital goods."

Furthermore, Sachs argued that "China has a big market worldwide and a big export growth ahead."

SOUNDBITE 2 (English): JEFFREY SACHS, Director of the Center for Sustainable Development at Columbia University
"I think China has a big market worldwide and a big export growth ahead, not necessarily to the United States market, but, to most of the developing world, which is the fastest growing part of the world economy. So when I look at China, I see a lot of innovation, high-quality workforce, advances in many key technologies and the ability to be the low-cost producer of the goods and services that we need for sustainable development. All of that to my mind means China has a lot of successful development ahead that will be of real benefit for the whole world."

Xinhua News Agency correspondents reporting from Washington D.C.
(XHTV)