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       #Post#: 280--------------------------------------------------
       Chinese economic miracle was 
       By: Jabin Khatun Date: August 30, 2023, 3:07 am
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       Another aspect of deglobalization that is closely related to the
       Chinese development model itself is likely to be of particular
       importance to China: the loss of efficiency through dynamic
       competition with Western rivals at home. Central to the success
       of the the decentralization and delegation of economic
       decisions, which promoted competition and creativity, and led to
       a rapid improvement in the quality of Chinese products (although
       it also accepted corruption for a long time). ). If this
       competitive pressure disappears, it remains to be seen what will
       happen to China's innovative strength and its transition to a
       knowledge economy.
       The country's domestic market faces major economic and
       structural challenges: high debt levels, an imploding real
       estate sector and the progressive aging of the population are
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       growth. This is accompanied by extreme
       income inequality, an explosion in housing costs, and welfare
       state institutions that are not yet fully developed to offset
       falling demand and provide social protection. Also, the Chinese
       zero covid strategy is failing. The most recent lockdown in
       Shanghai not only left economic scars, but also made it clear
       that the country is not ready for the omicron variant and that
       its own vaccines cannot compete with those of the West.
       [img]
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       The brutal application of quarantine measures revealed a
       political dimension to the strategy against covid followed so
       far. The population seems to react with increasing
       misunderstanding and disagreement with the government's
       seemingly meaningless harshness. And the question is whether the
       actions of the authorities are to be attributed to the general
       trend towards a recentralization of power in the Party and with
       President Xi. Against this background, it is clear that, as the
       conflict unfolds today, China's closeness to Putin is becoming a
       growing problem.
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