China's growth model is no longer suited to the global economy, Mohamed El-Erian says
column, the chief economic adviser at Allianz attributed China's recent slowdown to three main factors.
Third, the end of China's draconian zero-COVID restrictions late last year hasn't resulted in across-the-board spikes in household, business, and property demand, he added. In addition, companies diversifying supply chains away from China will hit foreign direct investment, and US national security priorities will add more restrictions on trade and investment, he added.
However, in China this is especially challenging, as the country suffers from political inconsistency. Where the central government may push for macro-level directives, their adoption is often limited by on-the-ground realities, such as worries about exacerbating local debt.
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