The China story

Growth has slowed, but dominance remains

Is China’s role in the world economy for the past few decades as the predominant generator of growth coming to an end? As some commentators have noted, China’s share of world gross domestic product (GDP) will shrink for the second year running in 2023. From 18.4 per cent of global GDP (measured in current dollars) in 2021, China will shrink relatively to 17 per cent in 2023. Other emerging nations and the United States will dominate growth in the ongoing year. This is a persuasive case, and reflects reasonable truths about the state of the Chinese economy internally. It is