China’s Growth Model is Dead: Long Live the New Model
Beijing thinks its economic strategy can help it meet problems like a declining population and high debt. Right now, the plan isn’t working.
Chinese workers manufacture auto parts for new energy vehicles at a factory in Zhejiang. Credit: ChinaImages via Depositphotos
China has a new growth model, albeit one that's poorly understood. If the new model delivers everything Beijing wants it to, the result will be a far more affluent and equitable China. But even if it falls short, it threatens to upend global trade — for better and worse.
When China's property market collapsed earlier this decade, economists widely assumed that consumption-led growth was the only viable economic model that could replace one based on investment in housing. Beijing, however, h
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