China emerged from 'zero-COVID' in 2023 to confront new challenges in a changed world
ABC News
China’s prospects for 2024 look uncertain, as a year that opened free of COVID-19 lockdowns winds down without the dreamed of robust recovery for the world’s No. 2 economy
BEIJING -- China’s prospects for 2024 look uncertain, as a year that opened free of COVID-19 lockdowns winds down without the dreamed of robust recovery for the world’s No. 2 economy.
The wars in Gaza and Ukraine are straining China’s ties with the West. A U.S.-China leaders’ summit helped get relations back on track, but also clearly defined the stark divide between the two global powers. To counter a U.S.-led world order, China is pushing alternative visions for global security and development whose prospects depend partly on restoring its own economic vitality.
Pandemic-related restrictions ended, China still faces long-term, fundamental challenges: a falling birthrate and aging population — India surpassed it as the world’s largest country in April — and its rivalry with the United States over technology, Taiwan and control of the high seas. Another: to balance the ruling Communist Party’s tightening grip on myriad aspects of life with the flexibility needed to keep the economy dynamic and growing.
“This year started on a such optimistic note,” said Wang Xiangwei, a China expert and former editor-in-chief of the South China Morning Post newspaper. “And now (as) we are ending 2023, I think people are getting more worried about what ... will be in store” for next year.
As China’s mask and testing requirements faded, for the first time in three years crowds thronged temples and parks last January for the Lunar New Year.
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The National Retail Federation, the nation’s largest retail trade group, is forecasting annual retail sales will grow at a faster clip this year than last year, citing consumers’ resilience despite lots of economic volatility
U.S. wholesale prices came in hotter than expected in February
U.S. wholesale prices came in hotter than expected in February
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