For years, we've heard that China is an unstoppable economic engine. In 2023, that changed. One stat says it all: in the third quarter this year, foreign direct investment in China was negative for the first time in modern history.

Today for the holidays we're bringing you another special episode of 1 big thing where we spotlight a leader from within our own newsroom. Axios' Bethany Allen-Ebrahimian explains why China's economic miracle has ended, but its power is still growing.

Guests: Bethany Allen-Ebrahimian, Axios China reporter and author of "Beijing Rules: China's Quest for Global Influence."

Credits: 1 big thing is produced by Niala Boodhoo, Alexandra Botti, and Jay Cowit. Music is composed by Alex Sugiura. You can reach us at podcasts@axios.com. You can send questions, comments and story ideas as a text or voice memo to Niala at 202-918-4893.