Much has changed since China’s top Communist party officials gathered in 2020 to set out their economic priorities for the country’s current “five-year plan”. Donald Trump’s frenetic second US presidency has upended the global trading system. An ongoing property slump has battered consumer confidence, compounding the public’s shaken faith in Beijing’s economic management after the sudden abandonment of draconian Covid-19 restrictions. Leaders are increasingly concerned about neijuan, or “involution” — shorthand for industrial overproduction fuelling ferocious price wars across the manufacturing sector.
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