Not the start of the decline of globalisation – just of China's dominance
Determined to have his FDR moment, Joe Biden’s latest policy seems likely to have put ...
You ought not to need much help understanding the emphasis of this headline – the days of 7%-plus growth for China are over as it comes to the end of reaping the benefits its export-model business. There are still ways the country could engineer enormous economic growth, but they are ways that the Chinese government is unlikely to take – if it has even a modest instinct for self-preservation – such as removing state influence from private business; bringing credit markets under control; and allowing firms to go bankrupt if they fail – all of which are policies that have helped the Communist Party retain its grip on power.
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