China’s Economic Paradox
Amid an economic downturn and a local-government debt crisis, President Xi Jinping is accelerating China’s shift to a tech-driven growth model. But rather than ensure a sustainable transition, his strategy has led to a risky dynamic whereby the tech sector is booming while the rest of the economy is slowing.
WASHINGTON, DC – Western observers often view China as either a rising superpower on the cusp of global dominance or a fragile country on the brink of collapse. These contradictory takes amplify only one side of China’s economic trajectory: a tech boom alongside a growth slump.