The Chinese national flag is seen in front of the financial district Central on the Chinese National Day in Hong Kong, China. Image source: REUTERS

‘Economic policy with Chinese characteristics’, Hindustan Times, 7 November 2023.

China’s economy has been a tailspin recently that is the result of politics as much as of objective economic conditions. There is no doubt that politics played a role in the decision to open up China’s economy in the late 1970s. This then led to rapid economic growth over the decades pulling up the greatest number of people out of poverty in history as much a political good as an economic one. What is more, China’s growth has also had plenty of positive effects on other economies – developed and developing. To take just the case of India, the massive telecom revolution in the country would not have been possible without access to cheap Chinese products – and one might add, China’s unscrupulous economic and trade practices of stealing tech, subsidising exports and non-tariff of all kinds against competitors. India’s access to cheap telephony has not just been an economic booster but also a catalyst for social change enabling labour migration across the country and other multiplier effects.

However, politics cannot stay constant either as the economy reforms, changes shape and encounters new challenges.

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