China Is an Economic Winner, Not an Economic Leader
Even as Beijing posts impressive GDP figures, it’s a long way from setting the direction for global policy.
Bigger isn’t always more powerful.
Photographer: POOL/AFPChina's recovery from the depth of the Covid-19 slump is impressive, and the country will almost certainly be the only major economic power to end 2020 in positive territory. Another world-beating expansion is expected this year. But for all the superlatives, Beijing is years away from becoming a global economic leader.
Gross domestic product rose 6.5% in the fourth quarter from a year earlier, the government said Monday, better than anticipated and a faster pace than recorded immediately before the pandemic. The performance brought the expansion for the year to 2.3%. That’s a result few thought possible when the economy shut down in early 2020 to contain the coronavirus.