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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.
21:15
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Quick takeaways
- China's economic miracle ended in 2023 as foreign direct investment turned negative, signaling a significant shift in China's economic landscape.
- China's real estate bubble burst in 2023 due to a debt crisis and the effects of the pandemic, resulting in a significant economic slowdown and the end of the real estate fueled growth model.
Deep dives
China's Economic Miracle Comes to an End in 2023
Foreign direct investment in China turned negative in the third quarter of 2023, marking a significant shift in China's economic landscape. China's role in the global economy has evolved from being the "factory of the world" to becoming a dominant player in emerging technologies such as robotics, quantum computing, and green energy. American companies have long viewed China's market as crucial for future profits and have invested heavily in the country. However, a combination of factors, including increased political scrutiny by the Chinese government on foreign firms operating in China and a slowdown in the Chinese economy, has contributed to the end of China's economic miracle as we know it.
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