Is China Entering a Period of Economic Oblivion?

Beijing’s biggest fear shouldn’t be the United States or even the West, but descending into long-term stagnancy.

A view of a complex of unfinished apartment buildings in Xinzheng city in Zhengzhou, China's central Henan Province, on June 20, 2023. Pedro Pardo/AFP via Getty Images

Commentary

China observers such as Gordon Chang and yours truly have been aware of the unsustainability of the “China Miracle” for a couple of decades or more. However now, there are more red flags than ever about the Chinese Communist Party’s (CCP) ability to prevent the economy from a very hard landing.