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China’s Real Economic Crisis | Foreign Affairs

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The Chinese economy is stuck. Following Beijing’s decision, in late 2022, to abruptly end its draconian “zero COVID” policy, many observers assumed that China’s growth engine would rapidly reignite. After years of pandemic lockdowns that brought some economic sectors to a virtual halt, reopening the country was supposed to spark a major comeback. Instead, the recovery has faltered, with sluggish GDP performance, sagging consumer confidence, growing clashes with the West, and a collapse in property prices that has caused some of China’s largest companies to default.

China’s Real Economic Crisis Why Beijing Won’t Give Up on a Failing Model Zongyuan Zoe Liu September/October 2024 Published on August 6, 2024 Electric cars in Chongqing, China, June 2024 NurPhoto / Getty Images ZONGYUAN ZOE LIU is Maurice R. Greenberg Fellow for China Studies at the Council on Foreign Relations and the author of Sovereign Funds: How the Communist Party of China Finances Its Global Ambitions . More by Zongyuan Zoe Liu Listen Subscribe to unlock this feature or Sign in . Share & Download Print Subscribe to unlock this feature or Sign in . Save Sign in and save to read later Clos

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