Era Of China's Global Dominance Is "Over"

We've reached the end of an era for the Chinese economy, as reported by Linette Lopez for Business Insider,

President Xi Jinping has shifted the CCP's raison d'être to national security over the economy.

For the past three decades, China has been on the upswing of a supercycle that witnessed an uninterrupted expansion of the country's capacity to manufacture, appetite to consume, and ability to project power across the world economy.

The Chinese Communist Party pursued development above all else, even when that single-mindedness led the party to make mistakes — creating a massive bubble in the property market, saddling provinces with loads of debt, and failing to transition away from an overreliance on investment.

This era of expansion helped fuel global demand. Countries relied on China's hunger for speedy modernization and industrial might to spur their own progress. Even US companies saw China as the next great global market — and made bets accordingly.

They lost those bets.

President Xi Jinping has shifted the CCP's raison d'être to national security over the economy.

Getting rich isn't China's big project anymore; the project is power. As a result, both the government's priorities and behavior have changed. In the past, whenever it seemed like a recession was on the horizon, the CCP came to the rescue. There's no hefty stimulus coming this time.

Nor will the explosive growth that experts once expected from China return. Beijing's relationship with the outside world is no longer guided by the principles of economic rationality but rather its yearning for political power.

"This isn't about the economy anymore; it's all about advanced technology and weaponry," Lee Miller, the founder of the Chinese economic surveyor China Beige Book, told Business Insider.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem