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China’s race for growth is fading. So too is its dream of middle-class security

By Rana Mitter

23 Jul 2023 · 4 min read

informed Summary

  1. China's GDP growth of just 0.8% in the second quarter of 2023 has prompted concerns that the country's economy needs a rapid boost. The Chinese Communist Party has announced a 31-point strategy to improve the environment for entrepreneurs.

Rishi Sunak and Keir Starmer are both putting faith in a five-point plan. Never knowingly undersold, China’s government announced last week that it’s going for a 31-point strategy.

Last week, there were alarmed faces in Beijing at the news that its GDP had improved by just 0.8% in the second quarter of 2023, prompting a sense that China’s economy needs a rapid boost. For the past few years, the private sector has been a target for high-profile crackdowns by the Chinese Communist party (CCP), worried that companies such as Tencent and Alibaba were enjoying too high a profile. Now, it says it wants to make the atmosphere for entrepreneurs “bigger, better, and stronger”.

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