In this article, the author discusses the idea that China’s rise as a global economic powerhouse may not be as certain as previously believed. The author compares the current perception of China’s dominance to the paranoia in the 1980s about Japan taking over the world. The article highlights some challenges that China is facing, such as high debt levels, decoupling with the US, and the influence of an autocratic government. Slowing exports, housing deflation, and demographic issues are also mentioned as factors that could threaten China’s rise. The article suggests that if China is unable to successfully navigate these challenges, it could have implications for the US and the rest of the world. Economically, emerging markets and Europe may be more affected than the US. Politically, a weaker China could give the US more bargaining power and strengthen the position of the dollar as a reserve currency. The article also raises the question of whether a struggling China may become more aggressive, particularly in relation to Taiwan. Overall, the article suggests that the current slowdown in China’s growth may have significant implications for the global economy and geopolitical dynamics.
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