China’s record $1 trillion trade surplus is more than a geopolitical audit; it is a brutal verdict on a decades-long economic experiment.
China’s economic ascent was engineered by a single, formidable piston: massive investment in physical assets. Today that engine is spluttering. This marks the painful, precarious end of an era and the start of a challenge to forge a new one.
Will fraying economic foundations lead to systmic collapse?
The systematic dismantling of the nation’ industrial base is not an accident—it is the triumph of financial capital over industrial capital.
Former PBOC Governor Zhou Xiaochuan analyzes the US dollar’s inherent “twofold dilemma”—wanting a weaker currency for trade while maintaining its global dominance. He explores four potential challengers—the euro, renminbi, SDR, and digital currencies—and the opportunity for a new, multipolar international monetary system.