China’s aggregate demand has weakened significantly over the past three years. In addition to the enduring effects of China’s anti-COVID policy, the country has also been weighed down by the decrease in global demand. Exports fell by 14.5% year on year in July, a stark contrast from the robust 17.2% export growth recorded in July 2022. Given these downturn pressures, the government’s decision not to announce a massive stimulus package, as many had anticipated, has left foreign and Chinese observers deeply perplexed.

China's economic slowdown is no longer the main contributor to global growth, but the rising strength of developing Asian economies offers hope for sustained global economic activity in 2023.

With its expanded membership, the BRICS group has raised expectations for the Global South. It will promote democracy in international relations and ultimately achieve the goal of rebalancing the global power structure.

If a report in the Washington Post is true, the United States is playing politics by blocking John Lee Ka-chiu’s attendance at an upcoming APEC meeting in San Francisco. This must not be allowed to become a spark that starts another prairie fire in China-U.S. relations.

At the end of World War II, the United States accounted for more than half the world’s economic output and gold reserves. The United Kingdom was effectively bankrupt, with the remnants of the sterling area bound together by capital and trade controls. Once the British pound became convertible in July 1947, owing to US insistence, it succumbed to overwhelming selling pressure. The dollar, which was pegged to gold at $35 an ounce, was buoyed by America’s privileged position within the newly formed International Monetary Fund and quickly established itself as the bedrock of global trade and finance.

New investment restrictions from the Biden administration will serve to stimulate China’s research and development efforts. In the long run, the measures could also weaken the United States’ dominant position in the global high-tech industry by stimulating substitution in the industrial chain.

GDP in the first half of 2023 increased 5.5 percent year-on-year as the country steadily left the COVID crisis behind. But the goal is not just short-term GDP improvement. If China sticks to its people-centered approach, it will create an ongoing pattern of high-quality development.

An executive order issued recently by U.S. President Joe Biden to restrict outbound investment will have many unintended negative consequences. Other countries will need a healthy dose of vigilance regarding America’s duality and changeability, as the U.S. moral position is undermined.

Philippines’ President Ferdinand Marcos Jr. gave his second State of the Nation Address last month, where he briefly mentioned the country’s complex relationship with China. As elsewhere, China presents challenges and opportunities for the Philippines, and this should continue to inform Marcos’ evolving foreign policy.

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.