For more than a quarter-century, China has been synonymous with relentless development and upward mobility.
As its 1.4 billion people gained an appetite for the wares of the world — Hollywood movies, South Korean electronics, iron ore mined in Australia — the global economy was propelled by a seemingly inexhaustible engine.
Long the centerpiece of a profit-enhancing version of globalization, China has devolved into the ultimate wild card in a moment of extraordinary uncertainty for the world’s economy.
First came word that China’s economy had slowed substantially in the spring, extinguishing hopes of a robust expansion following the lifting of extreme Covid restrictions.
This week brought data showing that China’s exports have declined for three months in a row, while imports have dropped for five consecutive months — another indicator of flagging prospects.
Locations:
China, South Korean, Australia