2 Major Traps on China’s Path to Global Leadership
2 years, 3 months ago

2 Major Traps on China’s Path to Global Leadership

The Diplomat  

There are at least two major obstacles that China will have to get over on its path to global leadership, one domestic and one outward-facing. Key policies of the Chinese government aim to help rebalance China’s economy, wean it off its predominantly export-driven model, promote state-of-the-art technologies, tap into the huge domestic market, and make the country more self-sufficient. Another big challenge to China’s prospects as a driving engine of global development is presented by the checkered track record of the Belt and Road Initiative, once hailed by Chinese leader Xi Jinping as the “project of the century.” Many reports of late have uncovered a mountain of non-performing loans provided by Chinese policy banks to recipient countries and the BRI now risks metastasizing into a series of controversies and debt crises. Ironically, China’s charm offensives are undermined first and foremost by its increasingly pompous rhetoric, confrontational diplomacy, and the undisguised use of economic coercion applied to countries that are less than infatuated with Beijing leadership ambitions. For all that, China’s sheer size guarantees that the country will remain a key driver of global growth, though it is less clear to what extent.

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History of this topic

Chinadaily.com.cn
1 week ago

Chinadaily.com.cn

China Daily  

Uncertainty in the global economic outlook has put a brake on the engine of global growth and led to the rise of statism For more than a decade, elections taking place in the world's major countries, such as the United States, have not only intensified political divisions, but also increased their external influence. The global economic circulation driven by global …

China's Growth: A Catalyst for Global Prosperity
1 month, 2 weeks ago

China's Growth: A Catalyst for Global Prosperity

China Daily  

China's growth is vital for global development, and the country will promote mutually beneficial cooperation and development to counter the zero-sum games being played by some Western economies. The expansion and structural optimization of China's economy will have a significant impact on global economic growth, with every 1 percentage point increase in China's growth rate boosting global economic growth by …

China's Economic Crisis Forces a Shift in Foreign Policy: Expert
1 month, 3 weeks ago

China's Economic Crisis Forces a Shift in Foreign Policy: Expert

India Today  

China's economic crisis is forcing the country to adopt a more cooperative stance in international relations. The world's second-largest economy is grappling with economic challenges, with provincial governments facing bankruptcy and the real estate sector collapsing. However, manufacturing remains the only bright spot in China's economy, with factories overproducing and leading to political backlash from trading partners worldwide. This shift …

China's Economic Stability: A Steady Beacon Amid Global Uncertainty
1 month, 3 weeks ago

China's Economic Stability: A Steady Beacon Amid Global Uncertainty

China Daily  

China's economy remains a stabilizing force in the global economy, despite the challenges of global geopolitical rivalries and rising government debt. The country's structural reforms and high-quality development strategies have contributed to its stability and growth. China's commitment to high-quality development and its willingness to engage in global trade and cooperation remain crucial for maintaining its economic prosperity and stability …

IMF Chief: Shift to Domestic Consumption-Led Growth for China
Trending News
2 months ago

IMF Chief: Shift to Domestic Consumption-Led Growth for China

China Daily  

IMF Managing Director Kristalina Georgieva emphasizes the importance of boosting domestic consumption in China to achieve sustainable growth. She believes that China's reliance on exports has led to a decline in consumer confidence, which is a major obstacle to growth. The IMF projects China's GDP to grow by 4.8 percent in 2024 and 4.5 percent in 2025, down from its …

IMF Chief: Shift to Domestic Consumption-Led Growth for China to Propel Growth
2 months ago

IMF Chief: Shift to Domestic Consumption-Led Growth for China to Propel Growth

China Daily  

IMF Managing Director Kristalina Georgieva emphasizes the importance of boosting domestic consumption in China to achieve sustainable growth. She believes that China's reliance on exports has led to a slowdown in consumer confidence, which is hindering economic activity. Georgieva suggests that China focus on stimulating domestic consumption through measures such as social security and pension reforms, which would give people …

China’s inward turn: A path to stability or stagnation?
5 months ago

China’s inward turn: A path to stability or stagnation?

Firstpost  

China’s obsession with control is backfiring. As its economy sputters, corruption plagues its military, and its global ambitions falter, the cracks in China’s facade are widening The Chinese Communist Party’s third plenary session concluded amidst fervent discourse on self-reliance and national security. While bolstering domestic industries is a key aim, this strategy masks profound economic contradictions and systemic vulnerabilities that …

China's policy agenda offers global benefits
5 months ago

China's policy agenda offers global benefits

China Daily  

A view of a privately owned textile company in Nantong, Jiangsu province. Experts expressed optimism about China's long-term social and economic policies outlined in the resolution on further deepening reform comprehensively, saying the modernization drive of the world's second-largest economy is of global significance. Mehmood Ul Hassan Khan, president of the Pak-China Corridor of Knowledge and executive director of the …

Xi Jinping sets the course for China's economy for the next decade as he prepares for a fourth term
5 months ago

Xi Jinping sets the course for China's economy for the next decade as he prepares for a fourth term

ABC  

The conclusion of the Chinese Communist Party's 20th Third Plenum marks a significant moment in Chinese politics, as Xi Jinping appears to be laying the groundwork for an unprecedented fourth term. The Third Plenum's communiqué sets a reform deadline of 2029 and emphasises the decisive significance of the "Two Establishes", which solidify Xi's core position in the Party and the …

China's economic vibrancy strengthens the global economy
5 months ago

China's economic vibrancy strengthens the global economy

China Daily  

Lujiazui, the financial center in Shanghai, forms a perfect backdrop to the Bund area. These updates have provided a solid foundation for achieving China's anticipated economic targets within the current year, sending a strong signal for the international community that the stable and the long-term development trajectory of China's economy will not be changed. With the start of this year, …

China's economic performance resilient amid challenges
5 months, 1 week ago

China's economic performance resilient amid challenges

China Daily  

The skyline of Beijing. China's economy demonstrated a stable expansion in the first half of 2024, achieving a year-on-year GDP growth of 5 percent, equivalent to 61.68 trillion yuan, according to data released by the National Bureau of Statistics on Monday. Key economic indicators GDP growth The first half of 2024 saw China's GDP grow by 5 percent year-on-year. China's …

China's economic performance resilient amid challenges
5 months, 1 week ago

China's economic performance resilient amid challenges

China Daily  

The skyline of Beijing. China's economy demonstrated a stable expansion in the first half of 2024, achieving a year-on-year GDP growth of 5 percent, equivalent to 61.68 trillion yuan, according to data released by the National Bureau of Statistics on Monday. Key economic indicators GDP growth The first half of 2024 saw China's GDP grow by 5 percent year-on-year. China's …

How the US mopped up a third of global capital flows since Covid
6 months, 1 week ago

How the US mopped up a third of global capital flows since Covid

Live Mint  

In the face of calls around the world to diversify out of the dollar in recent years, the US has nabbed almost one-third of all the investment that flowed across borders since Covid struck. An International Monetary Fund analysis sent by request to Bloomberg News shows that the share of global flows has climbed — not fallen — since a …

Chinese economy will continue to defy its ill-intentioned critics
8 months, 2 weeks ago

Chinese economy will continue to defy its ill-intentioned critics

China Daily  

A view of the Huangpu River in Shanghai. Nicholas R. Lardy, senior fellow at the Peterson Institute for International Economics, published an article on the website of Foreign Affairs last week titled "China Is Still Rising-Don't Underestimate the World's Second-Biggest Economy", arguing that the US academics' recent view of China already peaking as an economic power underestimates the resilience of …

China's high-quality growth pillar for Asia's sustainable development
8 months, 3 weeks ago

China's high-quality growth pillar for Asia's sustainable development

China Daily  

Employees work on a production line of NEV maker BYD in Xi'an, Shaanxi province. As the global economic recovery remains weak, and the international situation is complicated and intertwined, the world economy has experienced, what the World Bank calls, "five of its slowest years of growth in 30 years". More important, in the face of rising trade protectionism and economic …

Chinese leader Xi issues a positive message at a meeting with US business leaders as ties improve
8 months, 3 weeks ago

Chinese leader Xi issues a positive message at a meeting with US business leaders as ties improve

Associated Press  

BEIJING — China’s nationalist leader, Xi Jinping, called for closer trade ties with the U.S. during a meeting on Wednesday with top American business leaders in Beijing that came amid a steady improvement in relations that had sunk to the lowest level in years. Xi emphasized the mutually beneficial economic ties between the world’s two largest economies, despite heavy U.S. …

IMF head: China's high-quality growth depends on pro-market reforms
9 months ago

IMF head: China's high-quality growth depends on pro-market reforms

China Daily  

International Monetary Fund Managing Director Kristalina Georgieva delivers a speech at China Development Forum 2024 on March 24. "China is determined to choose transition from high rates to high quality of growth, as its government recognizes that high-quality development ultimately depends on reforms", International Monetary Fund Managing Director Kristalina Georgieva said at China Development Forum 2024 in Beijing on March …

Chinese economy belies scaremongers: China Daily editorial
9 months ago

Chinese economy belies scaremongers: China Daily editorial

China Daily  

The high growth rate the Chinese economy maintained for the majority part of the past four decades seems to have made some take it for granted. They therefore view the 5.2 percent year-on-year growth of the Chinese economy last year from a glass-half-empty perspective. Yet China's economic growth rate is markedly higher than those of other major economies, including the …

Vantage | Why even the Chinese don't want to invest in China now
9 months, 2 weeks ago

Vantage | Why even the Chinese don't want to invest in China now

Firstpost  

A woman reacts in front of an electronic screen displaying stock prices at a brokerage house in Hangzhou in east China's Zhejiang province, on 5 February, 2024. Chinese investors rush abroad For decades, China’s economy resembled a glamorous cruise liner, attracting investors from around the globe eager to partake in its prosperity. However, recent headlines from Beijing tell a different …

Growth in China: The road ahead
9 months, 2 weeks ago

Growth in China: The road ahead

China Daily  

Li Min/China Daily China's economic development has been remarkable. Over the past 25 years, China's real GDP grew by more than 8 percent a year, living standards rose dramatically, and extreme poverty was eradicated. China's success in achieving strong and sustainable growth is thus good for China and good for the global economy. China, like much of the rest of …

China offers a better future to the world
9 months, 2 weeks ago

China offers a better future to the world

China Daily  

A view of Beijing's CBD area. China has replaced both the US and Europe as the dominant economic power and investment engine, generating economic growth across Africa and Latin America while its Belt and Road Initiative continues to build lasting, massive new infrastructure to help promote growth and prosperity across Asia. In the Middle East, we see an even more …

Growth in China: The road ahead
9 months, 2 weeks ago

Growth in China: The road ahead

China Daily  

Li Min/China Daily China's economic development has been remarkable. Over the past 25 years, China's real GDP grew by more than 8 percent a year, living standards rose dramatically, and extreme poverty was eradicated. China's success in achieving strong and sustainable growth is thus good for China and good for the global economy. China, like much of the rest of …

Global attention riveted on China's diplomacy
9 months, 4 weeks ago

Global attention riveted on China's diplomacy

China Daily  

With the two sessions scheduled to start next week, the international spotlight is once again expected to be on China's diplomatic maneuvers as the nation gets ready to unfold its policy measures at the biggest annual event on its political calendar. Responding to an online survey conducted by China Daily website about readers' interest in China's diplomacy, some people said …

China seen as largest engine for world economic growth
10 months ago

China seen as largest engine for world economic growth

China Daily  

Photo shows a view of Nansha Port in Guangzhou, South China's Guangdong province. China's GDP exceeded 126 trillion yuan in 2023, up 5.2 percent over the previous year, making it the largest engine of global growth. As China's growth is likely to exceed expectations, emerging Asian economies as a whole are projected by the IMF to grow by 5.2 percent …

China to remain top contributor to global growth in 2024: IMF
10 months, 3 weeks ago

China to remain top contributor to global growth in 2024: IMF

China Daily  

Despite a moderate slowdown, China's economy will remain the largest contributor to global growth in 2024, said Steven Barnett, senior resident representative of the International Monetary Fund in China. "China would still be the single-largest contributor to contribute over one-quarter of global growth this year," Barnett said in an exclusive interview with China Daily, adding that the over-a-quarter contribution is …

China to remain top contributor to global growth in 2024: IMF
10 months, 3 weeks ago

China to remain top contributor to global growth in 2024: IMF

China Daily  

Despite a moderate slowdown, China's economy will remain the largest contributor to global growth in 2024, said Steven Barnett, senior resident representative of the International Monetary Fund in China. "China would still be the single-largest contributor to contribute over one-quarter of global growth this year," Barnett said in an exclusive interview with China Daily, adding that the over-a-quarter contribution is …

IMF: China to stay big contributor to growth
10 months, 3 weeks ago

IMF: China to stay big contributor to growth

China Daily  

Despite a moderate slowdown, China's economy will still contribute more than a quarter of global economic growth this year and remain the largest contributor to worldwide growth, said a senior official at the International Monetary Fund. The country's real estate sector is undergoing a needed adjustment to address oversupply, which can ultimately help stabilize economic growth, with more supportive policy …

China's economy still much better than West
11 months, 1 week ago

China's economy still much better than West

China Daily  

A view of the Lujiazui area of Pudong, East China's Shanghai. And before the global economy had recovered, it faced the COVID-19-induced recession, the trade wars initiated by the US government, the near collapse of supply chains, the Russia-Ukraine conflict, and the ensuing economic sanctions, all of which have slowed the rates of growth of almost all economies. This is …

After bumpy recovery, China’s economy faces serious headwinds in 2024
1 year ago

After bumpy recovery, China’s economy faces serious headwinds in 2024

Al Jazeera  

The world’s second-largest economy is heading into 2024 on a precarious footing amid deep-seated structural issues. China’s reopening after the lifting of its harsh “zero-COVID” restrictions in January coincided with challenging economic conditions overseas, as soaring inflation made consumers less inclined to buy Chinese goods. “The all too often near-anarchic environment of the past two decades has led to such …

We must not over-interpret China's grand moves of diplomacy on the world stage
1 year ago

We must not over-interpret China's grand moves of diplomacy on the world stage

Live Mint  

If recent diplomatic activities are to be believed, China is bouncing back from the wilderness as more and more major actors on the world stage try to reset their engagement with Beijing. The very concept of the ‘Indo-Pacific’ became a zone of contestation with China resisting the rest of the world’s attempt to frame this broad region as central to …

Asian economies under cosh as China's property woes bite: IMF
1 year, 2 months ago

Asian economies under cosh as China's property woes bite: IMF

Firstpost  

Meanwhile, the strength of the U.S. economy has offered less support to Asia than in the past because it has been focused on the service sector, which does not fuel demand for exports, the Fund said in a blog on the region’s outlook. China’s weak recovery and the risk of a more protracted property crisis could further dent Asia’s economic …

Global Watch | Eclipsing the dragon: Growing shadows of intense power struggle in China
1 year, 3 months ago

Global Watch | Eclipsing the dragon: Growing shadows of intense power struggle in China

Firstpost  

The carefully built narrative that projected China as an ascending superpower under Xi Jinping’s leadership is all set to be the first major casualty of power struggle within the CCP Chinese political and military establishments seem to be at loggerheads as Xi Jinping’s purge continues to target military leaders and his colleagues in the top echelons of Chinese Communist Party. …

Pessimism of some Westerners cannot hinder China's growth
1 year, 3 months ago

Pessimism of some Westerners cannot hinder China's growth

China Daily  

A view of the Huangpu River in Shanghai. However, the article comes just days after Bloomberg founder Michael Bloomberg visited China, met the governor of the People's Bank of China and other senior finance officials, and expressed his desire to have long-term and greater cooperation with Chinese financial organs which he said are playing an increasingly important role in the …

China's economic evolution: Navigating challenges
1 year, 3 months ago

China's economic evolution: Navigating challenges

Hindustan Times  

China's economic landscape is currently undergoing a profound transformation, marked by a series of challenges that have far-reaching implications for both the nation and the global economy. China's current economic challenges draw comparisons to Japan's 1990s struggles, marked by deflation, stagnant growth, asset bubbles, and structural issues. China's economic slowdown is challenging the International Monetary Fund's projection that the nation …

China’s economic slowdown, its ripple effect
1 year, 3 months ago

China’s economic slowdown, its ripple effect

The Hindu  

The news about China’s economic slowdown has caused mixed reactions. Speaking at the National People’s Congress in 2007, then Premier Wen Jiabao had cautioned that “the biggest problem with China’s economy is that the growth is unstable, unbalanced, uncoordinated, and unsustainable”. In a ‘new normal’, the ground realities When Mr. Xi says that China is the world’s second largest economy, …

China's economy on slow lane: Is the country's 4-decade glory run over?
1 year, 4 months ago

China's economy on slow lane: Is the country's 4-decade glory run over?

India Today  

The Chinese economy is in deep trouble and its ripples are being felt across the globe. Structural gaps in the Chinese economy had started to show even before the Covid-19 pandemic ravaged the world economy, but the miscalculated steps taken by the People's Republic of China made the economic situation worse. In 2021, GDP growth in China bounced back to …

China's economic resilience: Beyond Western misconceptions
1 year, 4 months ago

China's economic resilience: Beyond Western misconceptions

China Daily  

Containers are unloaded from a ship at a port of Qingdao, East China's Shandong province. Recent claims by some Western politicians and media outlets alleging that China's economic slowdown could jeopardize global growth deeply misconstrue realities. Furthermore, propagandized portrayals of looming "China collapse" theories reveal more about internal Western anxieties than actual Chinese economic conditions. Objective examination of China's durable …

Source of strength for recovery of global economy
1 year, 4 months ago

Source of strength for recovery of global economy

China Daily  

A view of Guangzhou's CBD area. Editor's Note: The following are excerpts of Foreign Ministry spokesman Wang Wenbin's response to a question at a regular news conference in Beijing on Wednesday about some Western politicians and media claiming that China's economic slowdown may pose risks to global economic growth: The fact is that China's economy continues to recover. According to …

China’s worldview, its postulates and a reality check
1 year, 4 months ago

China’s worldview, its postulates and a reality check

The Hindu  

Chinese leaders, especially current paramount leader, Xi Jinping, constantly refer to ‘changes unseen in a Century’, implying that the decline of the West-promoted ‘rules based order’ is inevitable, and that a new Chinese-promoted world order is set to prevail. In turn, it had led to a marked shift in U.S. attitudes; from an earlier policy of ‘engagement and partial containment’ …

IMF global economic outlook sees slight growth, but inflation still a drag
1 year, 4 months ago

IMF global economic outlook sees slight growth, but inflation still a drag

Associated Press  

WASHINGTON — Global growth will see a slight improvement compared to previous International Monetary Fund projections but “many challenges still cloud the horizon, and it is too early to celebrate,” the organization’s chief economist said Tuesday. IMF economist Pierre-Olivier Gourinchas gave his assessment as the organization projected that global economic growth will slow to an estimated 3% in 2023 and …

Reforms will determine whether China can return to rapid growth
1 year, 7 months ago

Reforms will determine whether China can return to rapid growth

Live Mint  

The International Monetary Fund in its latest World Economic Outlook highlighted China’s recent rebound and said that China would contribute a third of global economic growth in 2023. China’s first-quarter gross domestic product showed an economy on the rebound following one of its worst years for growth in decades—growing by 4.5% year-on-year. Since the GFC, as fiscal stimulus rose and …

India, China to contribute half of global growth: IMF
1 year, 7 months ago

India, China to contribute half of global growth: IMF

Deccan Chronicle  

New Delhi: Growth in the dynamic Asia-Pacific region is projected to increase to 4.6 per cent this year from that of 3.8 per cent recorded in 2022, according to the International Monetary Fund which stated that the growth will be largely led by India and China. In its Regional Economic Outlook - Asia and Pacific report released on Tuesday, the …

Opinion: China’s economy might not be headed toward either ascendancy or decline
1 year, 8 months ago

Opinion: China’s economy might not be headed toward either ascendancy or decline

LA Times  

Something about China encourages grandiose predictions. This scenario is less dramatic but still disruptive: It would alter global economic growth and could impede future responses to shared challenges like climate change. Other challenges like climate change impose additional drags — a severe heat wave in the summer of 2022 shaved an estimated 0.3% off already-low GDP growth. China’s contribution to …

World leaders are lining up to meet Xi Jinping. Should the US be worried?
1 year, 8 months ago

World leaders are lining up to meet Xi Jinping. Should the US be worried?

CNN  

Hong Kong CNN — Xi Jinping has had a busy couple of weeks. Speaking to Singapore’s Lee Hsien Loong late last month, Xi stressed that Asian countries together should “firmly oppose bullying, decoupling or severing industrial and supply chains,” while he urged Malaysian Prime Minister Anwar Ibrahim to “resolutely resist the Cold War mentality and bloc confrontation.” To Spain’s Prime …

China to lift global growth amid uncertainty, IMF head says
1 year, 8 months ago

China to lift global growth amid uncertainty, IMF head says

China Daily  

Kristalina Georgieva, managing director of the International Monetary Fund, speaks at the China Development Forum 2023 in Beijing on March 26, 2023. China's economy is experiencing a strong rebound that will deliver a welcome lift to the world economy, contributing about one-third of global growth in 2023, said Kristalina Georgieva, managing director of the International Monetary Fund. It is advisable …

China Has a New Vision for Itself: Global Power
1 year, 9 months ago

China Has a New Vision for Itself: Global Power

Live Mint  

Long reluctant to inject itself into conflicts far from its shores, Beijing is showing a new assertiveness as Xi Jinping begins his third term as the country’s head of state, positioning China to draw like-minded countries to its side and to have a greater say on global matters. In Xinjiang, the far western region of China where the U.S. and …

Explained: How China's economic slowdown could affect the rest of the world
1 year, 10 months ago

Explained: How China's economic slowdown could affect the rest of the world

Firstpost  

Observers have already predicted that China would fall into the middle-income trap, and now evidence has emerged that the country is struggling to maintain its miracle of sustained higher growth rates of 10 per cent or more Beijing: According to China’s National Bureau of Statistics, the annual GDP growth of the country fell to three per cent, much below the …

China to inject new impetus into global economy
1 year, 11 months ago

China to inject new impetus into global economy

China Daily  

Foreign enterprises and international experts believe that China's optimization of COVID-19 response, which expands the flows of people, will help activate the country's economic vitality and potential, and bring important benefits to world recovery and growth. Daniel Lacalle, chief economist at Spain's asset manager Tressis Management, noted that China's optimization of COVID-19 response is good news to the market in …

IMF chief's advice to China on reopening economy amid Covid
1 year, 11 months ago

IMF chief's advice to China on reopening economy amid Covid

Hindustan Times  

The head of the International Monetary Fund urged China to move forward with reopening its economy, calling the nation’s transition from a Covid Zero policy to more normal functioning likely the single most important factor for global growth in 2023. Read here: WHO says Covid deaths in China ‘heavily underreported’; praises US transparency The Washington-based financial institution believes that a …

China’s economic growth accelerates but weak amid shutdowns
2 years, 2 months ago

China’s economic growth accelerates but weak amid shutdowns

Associated Press  

BEIJING — China’s economic growth accelerated in the latest quarter but still was among the weakest in decades as the ruling Communist Party tries to reverse a downturn while enforcing anti-virus controls and a crackdown on debt in its vast real estate industry. The world’s second-largest economy grew by 3.9% over a year earlier in the three months ending in …

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