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China’s Self-Inflicted Economic Wounds

By prioritizing security and stability – through surveillance, control, and coercion – over economic dynamism, China’s leaders are abandoning some of the policies and principles that underpinned the country’s “economic miracle.” Unless they change course, the entire global economy will suffer.

TOKYO – At their recent summit in San Francisco, US President Joe Biden and Chinese President Xi Jinping made progress in a few key areas. Notably, they agreed to resume direct military-to-military communications – which China had suspended last year, following a visit by then-Speaker of the House of Representatives Nancy Pelosi to Taiwan – in order to reduce the chances of accidental conflict. But neither leader was negotiating from a particularly strong position: as Biden struggles with low approval ratings, Xi is overseeing a rapidly weakening economy.