China and Thailand tango towards BRICS with a promising economic step
In a diplomatic dance that promises to boost both economies, China’s Ambassador to Thailand pledged unwavering support for Thailand’s bid to join the exclusive BRICS club. This elite group features economic powerhouses Brazil, Russia, India, China, and South Africa.
Speaking at a high-profile event dubbed China’s Economy from a New Perspective, organised by the Thai Journalists Association and the Chinese Embassy in Bangkok, Ambassador Han Zhiqiang painted a rosy picture of China’s unique economic model. Han described it as a harmonious blend of traditional Chinese culture and a vibrant market economy, a mix that sets it apart from Western welfare socialism and the erstwhile Soviet system.
China hasn’t been immune to global economic woes but the government is pulling out all the stops to reignite growth. Among their strategies are cutting interest rates and easing bank reserve requirements. They’ve also taken steps to lighten local government loads, all in a bid to shake off economic sluggishness.
Taking a swipe at naysayers in the Western media, Han dismissed their doom-and-gloom forecasts, insisting that China’s economic outlook is anything but bleak. He attributed this confidence to China’s status as the world’s largest manufacturing nation and its colossal consumer market, with goals stretching ambitiously into 2050.
Radiating optimism, Han emphasised the close bond between Thailand and China, expressing hope that China’s economic success would send positive ripples across Thailand’s economy. He played down concerns about Chinese goods swamping Thai markets, clarifying that they only account for a sliver of total market value. Instead, he celebrated China’s industrial contributions for spawning jobs and robust supply chains within Thailand.
Addressing a stickier issue, the ambassador acknowledged illegal activities by certain Chinese nationals in Thailand but promised beefed-up surveillance to tackle the problem. He urged against letting the misdeeds of a few tarnish the otherwise strong ties between the nations.
Golden jubilee
Looking ahead, 2025 marks the golden jubilee of diplomatic relations between Thailand and China, a milestone Han wants to use to catapult collaboration to new heights.
“China is delighted to address trade compliance issues, particularly those related to the saturation of Chinese goods in Thai markets.”
He concluded by reaffirming China’s backing of Thailand’s journey into the BRICS fold, underlining the enduring importance of mutual cooperation and shared benefits for both countries, reported Bangkok Post.
What Other Media Are Saying
- VOA News reports Thailand’s bid to join BRICS is seen as symbolic by experts, driven by economic interests and China’s influence while emphasizing multilateralism and global economic cooperation.None (read more)
- SCMP: China-backed BRICS considers Thailand’s membership, potentially opening up to more countries, despite remaining relatively marginal in global governance despite its expansion. (read more)
Frequently Asked Questions
Here are some common questions asked about this news.
Why is China interested in supporting Thailand’s bid to join BRICS?
China views Thailand’s BRICS membership as an opportunity to strengthen economic and political ties in the region.
How does China’s unique socialist system influence its economic policies?
China’s system blends traditional culture with a market-driven economy, shaping policies that differ from Western models.
What if China’s economic measures fail to stimulate growth as intended?
Failure could impact global markets but China’s extensive manufacturing base and consumer market offer resilience.
How might China’s economic growth affect small businesses in Thailand?
While competitive, Chinese industrial goods create jobs and a robust supply chain, potentially boosting Thailand’s economy.
What steps could China take to improve surveillance of its nationals in Thailand?
Enhanced diplomatic collaboration and advanced monitoring technologies could help address illegal activities more effectively.
