China's economy is at a crossroads. As its old model of development faces challenges, it will require a shift to consumption-driven growth despite challenges in the private sector.

China has boasted the world’s largest population for hundreds of years, but with challenges brought about by mandatory birth limits and rapid economic growth, China is now faced with a population decline that likely will endanger Xi Jinping’s goal of moving China into the ranks of rich countries.

Despite setbacks, the Chinese government is confident that the long-term positive trajectory of the country’s economy will continue uninterrupted. The effects of macroeconomic policy will continue to emerge, market demand will gradually recover and the supply structure will adjust.

Before Deng Xiaoping launched China’s reform and opening up, the People’s Republic was working to establish a self-sufficient economy. But after dec

Growing extreme partisanship in the U.S. has deadlocked the debt ceiling raising at a time when the U.S. Dollar is facing its greatest challenge as a global reserve currency. China has sought to increase cross-border transactions in the Chinese yuan and has signed more deals to achieve this with several countries. However, the yuan lacks global adoption of its currency and in alternative systems outside of countries that do significant direct business with China.

The country’s current slowdown in economic growth is a natural reflection of its development at an important moment. It has come to a point where efficiency and quality, rather than quantity, are what will really count in the long run.

American playwright and humorist George Ade coined the maxim, “the higher they fly, the harder they fall,” toward the end of the Gilded Age more tha

“The old is dying and the new cannot be born,” the Italian Marxist theorist Antonio Gramsci wrote in the early twentieth century. We seem to be living in a similar interregnum today, likewise marked by “a great variety of morbid symptoms,” including, not least, the breakdown of global supply chains and the return of inflation. The only way forward is to support the development of new markets, industries, and institutions. But who will finance this effort?

Five years into a once-unthinkable trade war with China, US Treasury Secretary Janet Yellen chose her words carefully on April 20. In a wide-ranging speech, she reversed the terms of US engagement with China, prioritizing national-security concerns over economic considerations. That formally ended a 40-year emphasis on economics and trade as the anchor to the world’s most important bilateral relationship. Yellen’s stance on security was almost confrontational: “We will not compromise on these concerns, even when they force trade-offs with our economic interests.”

Recent years have seen a surge in interest in framing China’s developmental trajectory as an exceptional story attributable to the excellence of the Chinese people and its governance model. But to understand such transformations fully, we must recognize and acknowledge the role often played by Western ideals and innovation; only then, could we be seeking real truths from substantive facts.