There Are Two Chinas, and America Must Understand Both - The New York Times

The technological success that has captured the attention of many in the United States is one aspect of the Chinese economy. There’s another, gloomy one. By Li Yuan Two Chinas inhabit the American imagination: One is a technology and manufacturing superpower poised to lead the world. The other is an economy that’s on the verge of collapse. Each reflects a real aspect of China. One China — let’s call it hopeful China — is defined by companies like the A.I. start-up DeepSeek, the electric vehicle giant BYD and the tech powerhouse Huawei. All are innovation leaders. Jensen Huang, the chief executive of the Silicon Valley chip giant Nvidia, said China was “not behind” the United States in artificial intelligence development. Quite a few pundits have declared that China would dominate the 21st century. The other China — gloomy China — tells a different story: sluggish consumer spending, rising unemployment, a chronic housing crisis and a business community bracing for the impact of the trad

The technological success that has captured the attention of many in the United States is one aspect of the Chinese economy. There’s another, gloomy one. By Li Yuan Two Chinas inhabit the American imagination: One is a technology and manufacturing superpower poised to lead the world. The other is an economy that’s on the verge of collapse. Each reflects a real aspect of China. One China — let’s call it hopeful China — is defined by companies like the A.I. start-up DeepSeek, the electric vehicle giant BYD and the tech powerhouse Huawei. All are innovation leaders. Jensen Huang, the chief execut