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.

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.

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