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China’s economic power has been growing for decades. The capitalist reforms of Deng Xiaoping quickly transformed China into the world’s fastest-growing major economy, with growth rates averaging 10% annually. But in recent years the so-called China miracle has begun to slow down. The Covid-19 pandemic and the default of property giant Evergrande (the world’s most indebted property developer) are among the factors that have economists and politicians around the world asking: Is China’s economy in big trouble?

As we enter 2024 President Xi Jinping faces some formidable challenges: slow growth, high youth unemployment and a domestic property market in turmoil.

In May 2024 renowned economist Keyu Jin came to Intelligence Squared to help us all make sense of the problems China faces. She explained how the success or failure of its economy will have profound consequences for the rest of the world.

Some argue that a more vulnerable China will seek better relations with the United States and the West. Others say economic weakness could make the country more aggressive and therefore more likely to invade Taiwan. Either way it has never been more important for us to understand the Chinese economy.