Opinion
China’s rise as an economic superpower is reversing
China’s real long-term growth rate — the sum of new workers entering the labour force and output per worker — is now more like 2.5 per cent. The biggest story of the past half century may be over.
Ruchir SharmaWriter and investorIn a historic turn, China’s rise as an economic superpower is reversing. The biggest global story of the past half century may be over.
After stagnating under Mao Zedong in the 1960s and 70s, China opened to the world in the 1980s – and took off in subsequent decades. Its share of the global economy rose nearly tenfold from below 2 per cent in 1990 to 18.4 per cent in 2021. No nation had ever risen so far, so fast.
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