China’s Economy Stumbles, Prompting Shift in Diplomatic Talks
Introduction
China’s economy, which was initially on track to recover quickly after the pandemic, has experienced a significant slowdown. This has led to a change in the willingness of senior Chinese officials to engage in diplomatic talks with geopolitical rivals and show more openness on economic policy. The recent developments in China’s economy have also impacted its relations with the United States.
China’s Relations with the United States
In the past month, China has welcomed three senior American officials to Beijing, including John Kerry, President Biden’s climate envoy, and Treasury Secretary Janet L. Yellen. The two countries have begun discussing various issues, including climate change and military matters. China has also made efforts to improve its relations with domestic and international business leaders.
China’s Economic Policy Shift
China’s premier, Li Qiang, has reassured business leaders that China is open for business during various economic forums. The government has encouraged big tech companies to hire more workers, indicating a shift towards economic growth. However, this shift is limited to economic and business policies and does not involve China’s national security.
Security Concerns and Geopolitical Objectives
While there has been a softening in China’s approach to economic and business policies, its national security remains a top priority. Chinese policy in recent years has been defined by its focus on national security. The top leader, Xi Jinping, has not endorsed a broad policy shift towards the United States. China continues to engage in joint military exercises and has taken steps that could undermine its reputation as a reliable link in global supply chains.
China’s Economic Challenges
China’s economic pressures, including a decline in housing prices and suffering exports, could continue to impact its geopolitical objectives. American companies have faced difficulties doing business in China due to the government’s focus on national security. The geopolitical environment plays a crucial role in companies’ and investors’ decisions regarding China.
China’s Economic Dependence and Relations with Other Countries
China’s economy is heavily dependent on global trade, and millions of Chinese jobs rely on it. China’s trade ties extend beyond the United States, and its tilt towards Russia has strained its relations with Europe. China has tried to mend these frayed ties through top-level visits with countries like France and Germany. However, Germany recently issued a national strategy calling for reduced economic dependence on China.
Conclusion
China’s recent economic troubles have had an impact on its approach to foreign engagement. While the economy remains a significant concern, China’s national security continues to be a top priority. The country’s economic challenges and geopolitical environment will shape its future relations with other countries.
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 8: Decent Work and Economic Growth
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 10: Reduced Inequalities
- SDG 17: Partnerships for the Goals
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries
- SDG 9.1: Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all
- SDG 10.1: By 2030, progressively achieve and sustain income growth of the bottom 40 percent of the population at a rate higher than the national average
- SDG 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology and financial resources, to support the achievement of the sustainable development goals in all countries
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Growth rate of GDP (mentioned in the article)
- Index of housing prices (mentioned in the article)
- Exports (mentioned in the article)
- Investment climate for foreign companies (mentioned in the article)
- Trade relations with other countries (mentioned in the article)
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries | Growth rate of GDP |
| SDG 9: Industry, Innovation, and Infrastructure | 9.1: Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all | Index of housing prices |
| 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes, with all countries taking action in accordance with their respective capabilities | Exports | |
| SDG 10: Reduced Inequalities | 10.1: By 2030, progressively achieve and sustain income growth of the bottom 40 percent of the population at a rate higher than the national average | Investment climate for foreign companies |
| SDG 17: Partnerships for the Goals | 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology and financial resources, to support the achievement of the sustainable development goals in all countries | Trade relations with other countries |
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Source: nytimes.com
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