Leaders in Beijing probably let out a sigh of relief when the US-China “phase one” deal was signed in mid-January.
Even though China had committed to buying astronomical volumes of US commodities, it was a small price to pay. Not because this would magically fix China’s deteriorating ties with the US, but because it would give Beijing time to focus on shoring up its flailing economy.
Supporting economic growth is critical for the government this year as it has pledged to double per-capita incomes from 2010 levels by 2020. The estimated 6 per cent national growth required to meet this pledge seemed within reach, with macroeconomic indicators picking up since late 2019 and the Sino-US deal signed.
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