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China needs a new road map to reinvigorate its economy, and bold reforms are key
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Adding to Beijing’s woes, the world may be entering an era of deglobalisation as the US is seeking to de-risk and prevent China from overtaking it.
PHOTO: EPA-EFE
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BEIJING - China is one of the biggest winners of globalisation, which has helped transform it from an economic backwater into a powerhouse in more than two decades.
But growth in the world’s second-biggest economy, already losing momentum before the Covid-19 pandemic hit in 2020, is showing signs of slowing again despite the lifting of Covid-19 restrictions in late 2022 after three years of harsh lockdowns, quarantines and travel curbs.
