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China Bets on Common Prosperity

In 2021, China embarked in a new direction with sweeping regulatory and enforcement measures to combat monopolization, protect data security, and ensure greater social equality. Though significant risks lie ahead, the country's economy nonetheless is coming of age.

LONDON – The year 2021 marked the start of a new paradigm for the Chinese economy. China is shifting from a model championing GDP growth above all to one emphasizing efficiency, consumer welfare and protection, climate-change mitigation, and environmental protection. Chinese companies’ growth will be less unbridled and more regulated and monitored. The goal of building a global manufacturing powerhouse has evolved into the pursuit of techno-nationalism. China’s leaders believe their country is on the verge of a transformation into a truly “modern socialist economy.”