Wei Xiong on how China can overcome its economic challenges
Its hybrid model needs a partial refit, argues the Princeton academic
CHINA’S ECONOMY has struggled to rebound quickly after emerging from its zero-covid policy in late 2022. Despite GDP growth of 5.5% year-on-year in the first half of 2023, indicators point to a much weaker recovery than expected. Youth unemployment hit a record 21.3% in June, consumer and producer prices fell in July, and exports and imports contracted that month. The onshore yuan hit a 16-year low against the dollar in August. Additionally, two large property firms, Country Garden and Sino-Ocean, failed to stump up debt payments, highlighting the turmoil in the sector.
From the August 26th 2023 edition
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