https://ft.com/content/c10bd71b-e418-48d7-ad89-74cc51a2
The past two years have seen the largest drop in the nation’s share of global GDP since the Mao era
Then the reversal began. In 2022, China’s share of the world economy shrank a bit. This year it will shrink more significantly, to 17 per cent. That two-year drop of 1.4 per cent is the largest since the 1960s.
Investors are pulling money out of China at a record pace, adding to pressure on the renminbi. Foreigners cut investment in Chinese factories and other projects by $12bn in the third quarter — the first such drop since records begin. Locals, who often flee a troubled market before foreigners do, are leaving too. Chinese investors are making outward investments at an unusually rapid pace and prowling the world for real estate deals.
China’s President Xi Jinping has in the past expressed supreme confidence that history is shifting in his country’s favour, and nothing can stop its rise. His meetings with Joe Biden and US chief executives at last week’s summit in San Francisco did hint at moderation, or at least a recognition that China still needs foreign business partners. But almost no matter what Xi does, his nation’s share in the global economy is likely to decline for the foreseeable future. It’s a post-China world now.
@CraneLouLibertarian7mos7MO
Love how someone from Rockefeller NGO is the authority on China for the once respected FT. Where China slips, the U.S. crumbles.
@SoreOctopus7mos7MO
Hahaha. That explains the long standing ovation for the Chinese president Xi by the Us business elites. Cry about it.
@ISIDEWITH7mos7MO
How do you feel about the possibility of a world where China is no longer a leading economic power?
@ISIDEWITH7mos7MO
In your opinion, should other countries view China's economic reversal as an opportunity or a threat to global stability?
@9H4DCX47mos7MO
This should be seen as a threat as China's economy is still growing and they are barely considered a developed country.
@ISIDEWITH7mos7MO
Would a decrease in China's global economic dominance make you more optimistic or pessimistic about the future, and why?
@9H4G4827mos7MO
No becuase without china we would not be able to get out products made so cheaply.
@R3volutionGrasshopper7mos7MO
China has done this to themselves. With C-19, and the lockdowns and zero covid policies, it created a supply chain nightmare for tech because of dependence on China. Now everyone is diversifying away from China.
@Activ1stCheetah7mos7MO
I guess in reverse order,
1) China is open- GDP and export growth depends on it.
2) slowdown on US semiconductor export controls- need this US tech until local tech can catch up
3) reassurances on Taiwan- there is no real chance of war,
