| Very long— you’ll want a cup of coffee and a comfy chair while you absorb this one, dear Reader. |
[Foreign Affairs] Success in great-power competition requires rigorous and unsentimental net assessment. Yet the American estimation of China has lurched from one extreme to the other. For decades, Americans registered blistering economic growth, dominance of international trade, and growing geopolitical ambition, and anticipated the day when China might overtake a strategically distracted and politically paralyzed United States; after the 2008 financial crisis, and then especially at the height of the COVID pandemic, many observers believed that day had come. But the pendulum swung to the other extreme only a few years later as China’s abandonment of "zero COVID" failed to restore growth.
Beijing was beset by ominous demographics, once unthinkable youth unemployment, and deepening stagnation while the United States was strengthening alliances, boasting breakthroughs in artificial intelligence and other technologies, and enjoying a booming economy with record low unemployment and record high stock markets. |