STEVEN KUO: China-US rivalry will continue to loom over global politics
World’s second-largest economy, which has been driving global growth for three decades, has been spluttering
China-US rivalry dominated international politics this year and will continue to loom large in 2024. The Chinese economy — the locomotive that has been driving global growth over the past three decades — has been spluttering, unable to restart after Beijing finally abandoned Covid-19 lockdowns in December 2022.
Political economists are now debating “who killed the Chinese economy?”. Adam Posen of the Washington-based Peterson Institute for International Economics points to the substantial decline of China’s durable goods consumption and private-sector investment as indicators that Chinese people are prioritising short-term liquidity over long-term investment. The cause of this, Posen argues, is increasing intervention by the Chinese government into the economy, raising uncertainty. ..
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