Chinese President Xi Jinping’s first major reform plans a decade ago were also his boldest, envisaging a transition to a Western-style free market economy driven by services and consumption by 2020.
The 60-point agenda was meant to fix an obsolete growth model better suited to less developed countries - however, most of those reforms have gone nowhere leaving the economy largely reliant on older policies that have only added to China’s massive debt pile and industrial overcapacity.
The failure to restructure the world’s second-largest economy has raised critical questions about what comes next for China.
While many analysts see a slow drift towards Japan-style stagnation as the most likely outcome, there is also the prospect of a more severe crunch.
How many decades have passed where we’ve been told they are on the verge of collapse? It’s always right around the corner. This is Schrodinger’s China, simultaneously weak and strong.
This is nothing more than red scare propaganda to diminish the achievements of a society outpacing the US
Is this your first economic crisis or something? Do some search-replace work and this article looks like a copy-paste dupe from 2008. Their capitalist society is about to get a market correction as the bubble bursts. That’s all.
The real propaganda at work here is that anything negative about China is automatically “red scare” and not just boring old “business news”.