China’s Fast-Changing Economic Adjustments
In the decade that followed its 2001 accession to the World Trade Organization, China underwent a comprehensive structural adjustment, the costs of which, while significant, were far outweighed by the benefits. Today, with China's internal and external environments changing fast, another such transformation is underway.
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SHANGHAI – The business model that underpinned Chinese economic growth for over two decades has collapsed in recent years, especially since the outbreak of the COVID-19 pandemic. Now, the combination of rising uncertainty and falling confidence is casting a dark shadow over the Chinese economy.