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Chinese turn

2020-09-27T18:44:38.706Z

The Asian country will begin in a few weeks the strategy called "dual circulation", in which it plans to maintain competitiveness in exports while increasing domestic demand.



Attendees this Saturday at the Beijing Auto Show.WU HONG / EFE

With the slowdown of the coronavirus in China, the country where the pandemic originated, is following a kind of economic miracle that allows us to glimpse a true recovery in V against the recession that the IMF foresees globally (fall of 4.9% in 2020) and the falls that reach 8% in the US or 12.8% in Spain.

The Chinese economy is recovering vigorously and expects to close the year with 1% growth after a policy of stimuli that has worked especially in the wealthy classes compared to the most humble, still very paralyzed.

Industrial production grows, consumption grows, real estate sales and there are sectors that even reach better figures than a year ago.

But that growth is uneven.

The most rural and disadvantaged sections, who live on less than 650 euros a year, not only have not recovered their consumption, but have never joined that demand.

In search of this market, the Chinese Communist Party will begin in a few weeks the strategy that it has called "dual circulation", in which it plans to maintain competitiveness in exports while increasing domestic demand.

The integration of both is the objective of his next five-year plan in a remodeling of his model of capitalism that raises many questions among all observers.

Improving the income level of the most disadvantaged population is an obvious path, but it collides with the maintenance of that competitiveness abroad, which involves very low wages and a poor quality of supply.

In addition to the difficulties faced by Chinese technology in the face of the trade war with the United States, chapters such as the repression imposed in Hong Kong or the delay in joining the essential fight against climate change - this week Beijing announced its intention to increase commitments against emissions - the Chinese project is presented as a test of modernization that should be framed in a greater respect for human rights and stable and appropriate international relations.

Source: elparis

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