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The Chinese Economy: Current Status and Future Outlook

China has bid farewell to the old era of “efficiency first” and entered a new era of “efficiency and equity rebalancing.” Accurately assessing China’s current economic prospects starts with a recognition of the government’s determination to rebalance efficiency and equity on a national level. While various external factors are working against China, the profit-driven nature of Western companies and their dependence on the Chinese market has limited the negative impact of these factors on China’s overall economic prospects. China’s long-term economic development will largely depend on whether the Chinese people are able to use their talents to the fullest. Seizing opportunities regarding the ongoing digital intelligence revolution will also be crucial.

During this Master Class, CEIBS Professor of Economics and Finance Xu Bin explored China’s current economic situation and prospects. The lecture addressed the following key questions:

• Why has the economic recovery from the COVID-19 pandemic been “strong in the North and weak in the South”?
• Why did China’s economy perform below expectations in 2021?
• How should we view the shift in policy tone from “focusing on efficiency” to “rebalancing efficiency and equity”?
• Why is the long-term development of China’s economy mainly determined by internal factors rather than external ones?