Meanwhile, Beijing’s “Belt and Road Initiative” to link other nations to the Middle Kingdom economically and politically, its BRICS grouping of mostly authoritarian states and its Shanghai Cooperation Organization for trade and finance all aimed to construct pillars of an economic bloc separate from the US-led global system. Yet the economic structure of Xi’s scheme depends on exports to maintain the steady growth of the Chinese economy — mainly exports to the United States. China continues to invest in new goods manufacturing instead of consumption: Its capacity in steel, autos and solar panels is at least 150% of its domestic consumption of these products, resulting in the stampede to export.
Author: Thomas Duesterberg
Published at: 2025-05-06 22:38:23
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