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China’s economic troubles will have global consequences

First published: Prospect, 08 December 2023

In the years leading up to and especially after the financial crisis, international relations experts would often predict that China was on course to dominate the global system. Since Xi Jinping came to power more than a decade ago, he has propagated just such a narrative. He has articulated China’s pursuit of modernity, power and global status as purposeful and strategic, and embedded that pursuit in what he calls the “Chinese dream of national rejuvenation”. He wants to transform China into a powerful, respected and socialist country and to re-frame the global system of governance and values in China’s interests, to create a China-centric world order by 2049, the centenary of the founding of the People’s Republic. 

Yet, here we are, almost 11 years after Xi came to power, and it is not uncommon to hear some of those same people talking about Peak China…. Read on