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7 August 2024

China's Plan to Revamp Economy Revealed by Ambassador to US

Tom O'Connor

China's senior-most diplomat in the United States has shared with Newsweek the details behind Beijing's plan to overcome the many challenges afflicting the world's second-largest economy and population at a time of worsening global turmoil and intensifying competition with Washington, D.C.

The initiative, as explained by Chinese ambassador to the U.S. Xie Feng in a written interview with Newsweek, involves hundreds of reforms aimed to combat what he called "the growing pains" associated with decades of rapid growth that could see China become the world's largest economy within the next 10 years.

But today, facing slowing consumption, real estate instability and increasing debt among local governments, Xie acknowledged that "the low-hanging fruits have been reaped, the good meat has been eaten, and all that is left are hard bones to chew."

Xie ultimately exuded optimism, however. He asserted that the new roadmap would allow China to "not only accomplish the targets for economic and social development this year, but also build momentum for sustainable development in the long run," specifically by the target year of 2029.

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