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China doubles down on industrial policy
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Beijing should focus more on domestic demand to sustain high economic growth
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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.

2020年,中共最高领导层召开会议,为manbetx3.0 当前这个“五年规划”制定了manbetx20客户端下载 优先事项,自那以后世界已发生巨大变化。唐纳德•特朗普(Donald Trump)失控的第二任期颠覆了manbetx app苹果 贸易体系。持续的房地产低迷打击了消费者信心,加上manbetx3.0 政府突然放弃严厉的疫情封控措施,进一步动摇了公众对其manbetx20客户端下载 管理能力的信心。领导层也日益担忧所谓的“内卷”,即制造业产能过剩引发的恶性价格竞争。

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