China’s evolving economy

Following the 13th National People’s Congress, what are the major economic changes and challenges ahead for the Beijing?

Members event, Panel
13 April 2022 — 5:00PM TO 6:00PM

Following the closing of the National People’s Congress (NPC) in March 2022, China gave a blueprint of Beijing’s economic priorities for the coming year. With growth targets for the coming year set at 5.5%, the Chinese economy is experiencing several notable challenges. The challenges come at a time of heightened global tension and volatility.  Pandemic recovery remains a key cornerstone affecting many corners of life in China. Chinese leaders are keen to pursue the ‘zero-Covid’ policy that has served to keep infections and deaths so low. How long the country can realistically maintain this approach remains to be seen? 

China, like many countries, is reeling from supply chain squeezes hampering its manufacturing sector and impacting global trade. Both vital to China’s and global economy, its responses will be significant.  The debt-ridden housing market continues to pose serious risks too, as the Guangzhou Evergrande sage illustrates. A housing crisis sounds familiar to the West, how Beijing responds will be particularly interesting. The globalised economy of China today is very different to decades past. The coming year will be eye opening, as the world’s gaze witnesses how this economic superpower deals with these concerns.

Key questions to be considered by the panel include:

  • To what extent is the state preparing to intervene in the economy, and will this be a temporary fix in the event of market failure or part of a general move to greater state involvement in the economy?

  • What next for President Xi’s Common Prosperity Initiative and the Belt and Road Initiative?

  • How will China’s economy accommodate global issues such as the war in Ukraine and COVID-19?

  • Are we seeing a gradual shift away from high yearly GDP growth as the economy adapts?

This event forms part of Chatham House’s ongoing work on Geopolitical impact of US-China Competition.

As with all Chatham House member events, questions from members drive the conversation.

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