1 big thing 2023: The year China's economic miracle ended
Dec 28, 2023
Bethany Allen-Ebrahimian, an expert on China's economic miracle and its growing power, discusses the decline of China's economy in 2023 due to negative foreign direct investment. They explore China's evolving role in the global economy, the impact on China's supply chains, and its influence in developing countries.
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China's Broad Economic Influence
- China's economic influence is vast, impacting various sectors globally, from everyday consumer goods to advanced technologies.
- This influence is evident in the Axios newsroom, where reporters across different beats frequently write about China.
China's Evolving Economic Role
- China's role in the global economy has evolved from being primarily a manufacturer of low-cost goods to a leader in advanced technologies.
- This shift is part of a government push to increase the value of China's production chains.
Decline in Foreign Investment
- Foreign direct investment in China fell for the first time in modern history due to increased political scrutiny on foreign firms and a slowing economy.
- The increased scrutiny makes it harder for international companies to understand the Chinese market.