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China enters economic competition with the US

China and the U.S. in economic competition - Figure 1

In November 2021, the online dialogue between the leaders of China and the United States


U.S. newspapers reported that in recent weeks, President Xi has always raised the issue of U.S.-China competition in meetings with senior U.S. economic and financial officials.

Chinese leaders stressed that the most important goal for the future is to ensure economic stability and growth. According to the newspaper, this proves that China under the Communist Party is far superior to the Western system, and the United States is weakening both politically and economically.

Under the guidance of Xi Jinping, relevant departments are discussing plans to promote the implementation of major construction projects, as well as issuing personal consumption coupons to stimulate consumption.

In the final quarter of 2021, the U.S. economy outpaced China’s with a growth rate of 5.5%, compared with China’s 4%. US President Joe Biden announced that the US economy has surpassed China’s for the first time in 20 years.

Last week, the World Monetary Fund (IMF) trimmed its forecast for China’s economic growth slightly to 4.4% in 2022 and 5.1% in 2023.

According to IMF forecasts, China’s ongoing zero-epidemic strategy means an increase in restrictive measures, affecting the country’s personal consumption and economic growth.