Editor's note: Moulik Jahan, a special commentator on current affairs for CGTN, is a strategic and security affairs analyst. The article reflects the author's opinions and not necessarily the views of CGTN.

Western politicians and media sources have recently been relentlessly spreading the myth that China's economy is in danger of collapsing. Media organizations have been disseminating this false information in an effort to slow China's ascent.

A Wall Street Journal piece titled "Is China's economic predicament as bad as Japan's? It might be worse" is one example. The way the piece is written, the article seems to be the intended objective. Yet there seems to have been a determined effort by Western leaders and media, particularly those from the U.S., to resurrect the old "China collapse" hypothesis. The New York Times, which has been propagandizing against the Chinese economy, also stated that China is struggling and consumer spending is falling based on one month's statistics.

The Wall Street Journal article, which compared China's so-called economic downfall to Japan's 1980-1990s, promoted misinformation. One point shows how the article is based on erroneous facts. The article claimed that the Chinese government "has been clamping down on the private sector in recent years."

It's simply propaganda. China is taking 28 steps to assist private enterprises overcome their biggest difficulties. Eight Chinese ministries issued 28 measures to support the private economy recently, promising to give private firms fair access to major national projects and technological undertakings, increase financial and land support, and strengthen legal protection, sending another strong signal that the country will increase private sector support.  China also established a department under its top economic planner to promote the private sector, which drives the country's economic production.

This style of manipulation is nothing new in the Western media. "Is China Turning Into the Next Japan?" was the title of a story published by Bloomberg in 2021. However, despite what they frequently claim, the Chinese economy is not as sluggish as they would have you believe. The Chinese economy is quite different from what Western politicians and media outlets say.

On September 15, the National Bureau of Statistics (NBS) of China reported that China's industrial production, a key economic indicator, rose 4.5 percent in August, up from 3.7 percent in July. The report also said that major economic indicators "witnessed marginal improvements" as the economy showed a "good momentum of recovery" in August.

However, there isn't much favorable news coverage in Western media. Despite the fact that several Western media sites reported this crucial news, their headlines may have misled the audience. For instance, the news article "China's economy shows signs of stabilizing but the property slump threatens its outlook" was published by Reuters. The headline of CNN also said, "China's economy shows signs of improvement but real estate is still a weak spot." Western media always seek negativity in the Chinese positivity.

Indeed, property investment declined 8.5 percent to 6.77 trillion Chinese yuan ($929.34 billion) from January to July, but according to NBS spokesperson Fu Linghui, "both residents' consumption willingness and property investment will gradually improve, along with upward economic recovery. People's income growth and housing policy adjustments produce positive effects."

In the first half of 2023, the recovery of China following the COVID-19 pandemic is noteworthy. The economy is improving across many sectors, with key macroeconomic measures turning in August.

Now Chinese authorities are working hard to retrieve the property industry. Last month, Chinese officials advocated more mortgage policy loosening to boost the real estate industry. After a tone-setting top meeting in late July and the recent State Council executive meeting, housing credit policy was relaxed nationwide, which industry insiders expect to have an "immediate effect" on the industry that accounts for 6 to 7 percent of GDP.

China's GDP rose 5.5 percent in the first half of the year, higher than the previous year's 3 percent. China's GDP is expected to increase by 5.2 percent this year, accounting for one third of global economic growth, according to the International Monetary Fund. In 2023, the World Bank anticipates China's GDP to increase 5.6 percent. As before, the statistics disproved assertions of China entering an economic recession. The strong statistics suggested that the Chinese economy would have reached a turning point in its recovery and proved that the "China collapse" wasn't real.

Consumption, investment, and exports are the main growth drivers of the Chinese economy. China's unique consumer market of 1.4 billion people, including over 400 million middle-income individuals, is impossible to ignore for global enterprises.

China's research and development investment rose 10.1 percent to 3.07 trillion Chinese yuan ($421.97 billion) last year, maintaining its rapid increase. Foreign investment in China's high-tech manufacturing industry expanded 25.3 percent in the first half of this year.

The 20th China-ASEAN Expo, the 23rd China International Fair for Investment and Trade and the 2023 China International Fair for Trade in Services, which just ended, highlighted the potential for China's international trade and investment. 

Despite some Western media hype, the Chinese economy will continue to drive global development with its steady growth and confident recovery. The country's economic growth, which has contributed around one-third of global GDP growth, will keep up its trend and boost the world's growth.

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