China’s economy is deeply unbalanced, with a battered real-estate sector, weak consumption, and stark regional disparities coexisting with dynamic tech and export sectors. But provided that political stability is maintained, China could continue to be a global powerhouse even as hundreds of millions of its citizens remain poor.
CAMBRIDGE—Is China booming or stagnating? On one hand, its export industries—including electric vehicles, solar panels, and virtually the entire range of manufactured goods—are the envy of the world, and its tech and AI industries are second only to the United States, with Europe trailing far behind. On the other hand, as I have written many times, China is now in the sixth year of a full-blown, Japan-style real-estate crisis. Could China be booming and stagnating at the same time?
CAMBRIDGE—Is China booming or stagnating? On one hand, its export industries—including electric vehicles, solar panels, and virtually the entire range of manufactured goods—are the envy of the world, and its tech and AI industries are second only to the United States, with Europe trailing far behind. On the other hand, as I have written many times, China is now in the sixth year of a full-blown, Japan-style real-estate crisis. Could China be booming and stagnating at the same time?