10/13/2023 0 Comments Downcast expression crossword![]() That’s enough to house the entire population of Italy. Logan Wright, a partner at the research firm Rhodium Group, estimates that China has 23 million to 26 million unsold apartments. The growth rate stayed high, but now the economy was generating wasteful excess that undermined its health. Over time, China developed a more advanced economy, but the state and companies nevertheless kept on building. The investments turned China into the world’s factory floor and produced eye-popping rates of growth. Better transport systems helped to boost economic efficiency new housing sheltered families migrating from farms to cities in search of opportunity. China was destitute at the outset of its reforms, and much of the new infrastructure was necessary. The motor of the China model is investment, and lots of it-into factories, highways, airports, shopping malls, apartment towers, you name it. Today, China has an $18 trillion economy capable of devising 5G telecom networks and electric vehicles. When China’s free-market reforms were just getting under way in 1980, the country was poorer, per capita, than Ghana or Pakistan. The demise of the China model is in many ways a function of its tremendous success. But economic failure could also heighten Xi’s determination to overcome American dominance-if not by becoming richer, then through other, possibly more destabilizing means. China may turn out to be a less formidable competitor than once imagined and offer a less attractive model of development for the rest of the world. In fact, it’s already falling behind.Ī downward trajectory in China does not necessarily ensure the future of American global power, however. Now the problems run so deep, and the repairs would be so costly, that the time for a turnaround may have passed.Ĭontrary to the assumptions of many commentators in recent years, China may never overtake the United States as the world’s dominant economy if current trends continue. But Xi was too consumed with shoring up his own power to undertake the necessary reforms to fix it. ![]() Economists and even Chinese policy makers have warned for years that the China model was fundamentally flawed and would inevitably break down. ![]() The vaunted China model-the mix of liberalization and state control that generated the country’s hypersonic growth -has entered its death throes. The problems are not just a post-pandemic malaise, or some soon-to-be-forgotten detour in China’s march to superpower stature. In August, Xi’s administration decided to act: Its statistics bureau stopped releasing the data.īut Xi can’t hide China’s economic woes-or hide from them. The unemployment rate among the country’s youth has reached an all-time high, putting the country’s severe economic troubles on display at home and abroad. C hina’s jobless college graduates have become an embarrassment to Chinese leader Xi Jinping.
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