Xi Jinping may have reached a sobering conclusion - he picked a fight with the West that he wasn’t ready for.
China is suing for economic peace with the West. There is a whiff of conciliation in the air as Xi Jinping prepares to meet Joe Biden in San Francisco.
This is a revealing overture. The Central Propaganda Department has over recent years silenced all talk of America’s defence of China in the 1930s and 1940s, as well as America’s forgotten role as a moral ally in the 19th century when European powers carved up enclaves and imposed their Unequal Treaties.
Unemployment is near half-century lows. Productivity is on fire, rising at an annual rate of 3.5 per cent and 4.7 per cent over the last two quarters, perhaps a sign that America’s ultra-flexible labour markets are harvesting the gains of AI.The US can handle the interest rates of 5.5 per cent that go with this economic strength. China cannot.
Extreme zero-Covid was the last straw. It shut the window altogether on China’s chances of an economic sorpasso before its demographic crunch hits in earnest. Yes, there is a global black market for Nvidia’s A100 AI chips at a stiff premium of $US20,000 each, but this cannot feed the technological needs of a superpower, and it is becoming harder to circumvent the curbs.
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