What’s Happened to China’s Economy?
Since Deng Xiaoping launched China's economic reform in 1978, policymakers have usually managed to strike a dynamic balance between local-government accountability and innovation. Today, however, centralization is encouraging local officials to keep their heads down, with serious implications for China's growth prospects.
https://prosyn.org/KIw3xJ3
SHANGHAI – In January, China’s government forecast that the country’s economy – which, at the time, was experiencing a strong rebound after the initial pandemic slowdown – would grow by 5.5% in 2022. But by the second quarter, unfortunately, the rapid spread of the Omicron variant of COVID-19 had forced the government to implement emergency containment measures in its most economically dynamic cities, including Beijing, Guangzhou, Shanghai, and Shenzhen.