Snapshot
- As President Xi Jinping prepares to begin a lifetime term in a few weeks, the golden age of double-digit Chinese growth is coming to an end.
- Desperate times ahead for China, but the consequences will be for the global economy.
Alarmingly, the music is slowing down in China, and all the records are getting rusty. To put things into a global perspective, Beijing is slashing interest rates even as the world economies tighten their monetary policy to curb inflation.
To make matters worse, the economy has been hit by a double whammy with irrational Covid-zero lockdowns impacting the supply side and the real estate, plagued with defaulters and incomplete projects, denting the demand side.
