India has held the title of the world’s fastest-growing economy for the past two years, and projections suggest it will maintain this position in 2024. In contrast, China is grappling with an economic slowdown relative to India, with an anticipated quarterly growth rate this year expected to be 4-5% higher in India compared to China. The official government newspaper of China, Global Times, has expressed apprehension regarding the comparison between the Indian and Chinese economies, contending that such comparisons are fundamentally flawed.
Global Times asserts that the increasing focus on comparing the Chinese and Indian economies is a consequence of American pressure. The report argues, “While such comparisons may be tempting, the developmental phases of both countries are distinct. Making comparisons exposes a lack of understanding about both economies among the public.” The Chinese newspaper references an article in an Indian publication, highlighting that while the majority of the article discusses India’s economic prospects, the headline directly draws a comparison between China and India. The Indian newspaper had titled its article, ‘India is Developing, China is Slowing Down.’ Global Times comments, “The article in the Indian newspaper reflects a self-satisfied attitude about India’s economic achievements and an intention to disparage China’s economic growth.”
Despite these reservations, Global Times acknowledges the impressive growth in the Indian economy. The newspaper notes, “It cannot be denied that India’s economic growth has been impressive this year, particularly amid a global economic downturn. Official figures indicate that India’s GDP expanded by a notable 7.6% in the July-September quarter, surpassing all estimates. The Reserve Bank of India had also projected a growth rate of 6.5%.”
Regarding the alleged competition between China and India, Global Times contends that those intentionally using India to diminish China will be disappointed, as there is no direct competition between the two in the so-called ring of rivalry. The report suggests that if people perceive it as a competition in the ring, they should first consider evaluating the weight of both players. Global Times concludes by stating that there may be aspects of India’s developmental process from which China can learn.