“During the next few years, China’s economy will slow because of structural barriers and Beijing’s unwillingness to take aggressive stimulus measures to boost economic growth,” read the Office of the Director of National Intelligence’s (ODNI) annual worldwide threat report released Monday.
Instead of roaring back after the end of its lengthy “zero-Covid” lockdowns, China continues to suffer from what The Economist dubbed “economic long Covid.” The symptoms include slowing growth, low consumer confidence, high youth unemployment, falling foreign investment, and the aftermath of its collapsed property market bubble.
“Beijing understands its problem but is avoiding reforms at odds with Xi’s prioritization of state-directed investment in manufacturing and industry,” the report says.
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