The world’s second-largest economy has defied expectations of sustainable economic recovery. Curiously, China’s authorities close their eyes to economic woes and reject any warning about a looming downturn in the domestic economy.
Mao Ning, the spokesperson at the Ministry of Foreign Affairs, stated that China’s economy has not crashed and remains resilient. She responded this way to claims made by policymakers in a few Western countries who aroused concerns that China’s economy was losing momentum. In turn, worsening economic conditions in China cast a shadow over the whole global economy. US President Joe Biden defined the current situation in China as a preface to a crisis. Jim Chalmers, the Treasurer of Australia, said that a slowdown in China’s economy might take its toll on Australia’s economy. "It seems that there will be various theories of China's collapse every once in a while. The fact is that China's economy has not collapsed," Mao Ning tried to dispel fears. "We are confident and capable of promoting sustained and healthy economic development," China’s spokesperson affirmed. “China's economy has great potential and the fundamentals of long-term improvement have not changed,” she added.
Earlier, experts at Bloomberg pointed out that China would hardly contend for the status of the top global economy in the near future. According to their estimates, China’s GDP could outpace the US national economic output not until the mid-2040s. However, China’s economy will outrun the American one with a narrow margin. Later on, the US is likely to regain its superiority.