In our lifetime, perhaps the most consequential development is the rise of China. It is already the world’s second largest economy; with a GDP of USD 14 trillion it is already two-thirds the size of the U.S. economy and is expected to overtake the latter in this decade. It is also the world’s largest trading nation...This is not to give the impression that there are no vulnerabilities or problems with China. The legitimacy of the Communist Party is fragile and a fresh campaign has begun post the pandemic to reaffirm the message that the prosperity of the Chinese people is dependent on the Party. Future economic growth cannot, also, be taken for granted. Decoupling will hurt Chinese supply chains. Encouraging consumption in the current situation is a challenge....Read More
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