China’s charm offensive

CHINA ADVISORY - Report 27 Mar 2024 by Andrew Collier

China has been engaging in a full-court “charm offensive” toward Europe and the United States, encouraging diplomatic, military and economic discussions. Some analysts dismiss these efforts as a fig leaf to cover China’s true ambitions. However, there is an economic logic to them: the domestic economy is slowing, monetary policy is ineffective, fiscal policy would only add to debt levels, and the country needs to maintain its exports, which accounted for 19 percent of GDP in 2023. The US dollar-centric world is also important. What can we expect going forward?

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