China’s economy is no longer about to dash past the US, but its ability to mobilise capital, people, resources and military muscle for specific purposes remains enormous.
China’s slowing economy has produced at least one growth industry – in economists congratulating themselves for predicting that the country’s business model would inevitably hit the wall.
But policymakers in Australia and elsewhere should be wary of making the next leap, and embracing the argument that China’s military and geopolitical clout is waning as well.
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Richard McGregor is a senior fellow at the Lowy Institute in Sydney.
