China’s Economy Cannot Export Its Problems Away

Addressing vulnerability and promoting security
Jun 05, 2024 | Project Syndicate

China continues to treat only the symptoms, rather than the underlyingcause of its economic malaise. It ought to be doing whatever it can to increasedomestic consumption and reduce excessive savings; instead, it is relying onexport markets in a world that is quickly abandoning free trade, suggest AliciaGarcia-Herrero and Alessio Terzi in their article for Project Syndicate.The Chinese leadership has taken great pains to upgrade their country’s industrialcapacity, climb the global value chain, and achieve greater economicself-sufficiency. But the result of this strategy has not been entirely positive.China ought to increase domestic consumption, but it is relying instead onforeign demand. The path ahead is narrow, the authors note, and addressing theChinese economy’s structural problems will require a variety of differentpolicies and approaches. But further boosting exports is not one of them.

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