Crisis-Containing Factors of the PRCs Development

37
DOI: 10.20542/0131-2227-2023-67-5-24-33
EDN: VMQECO
V. Mikheev, mikheev@imemo.ru
Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation.
Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation.

Received 27.01.2023. Revised 06.02.2023. Accepted 27.02.2023.

Abstract. In 2022–2023, China is entering a new stage of its development. The combination of a number of crisis-containing factors increases the likelihood of a large-scale socio-economic shock. Partly man-made excessive slowdown in economic development due to the “Zero COVID policy”, the ongoing and escalating US-Chinese rivalry and, in particular, the “technological war”, the over-concentration of power after the 20th Congress of the CPC, as well as the growing tension around the Taiwan problem – all together, or with the imposition of just two or three components, can lead to serious negative socio-economic consequences that will put into question Beijing’s achievement of its second “centennial goal” – the establishment of the PRC as one of the leading world powers by 2049. With the exception of the domestic political sphere, China is trying to find answers to the above-mentioned challenges. In late 2022 – early 2023, Beijing removes anti-coronavirus restrictions, activates trade and economic cooperation in various formats, attempts to find out common ground between Chinese and American global interests, continues to make efforts in the European (also African, Asian, etc.) direction of its foreign policy, as well as emphasizes the high level of Russian-Chinese cooperation. At the same time, trying to provide answers to crisis-containing factors, Beijing faces both opportunities and limitations. The coming year or two seem to be most difficult for China over the last 20 years. The slowdown in the economy and domestic consumption, social protests, new challenges of the pandemic, the search for options to normalize relations with the United States, balancing between the West and Russia against the background of the Ukrainian crisis, etc. will require non-standard solutions from the Chinese leadership. Here we can expect both traditional successes and possible failures. In the near future, the political model chosen by Beijing at the 20th CPC Congress will be tested for effectiveness.

Keywords: world economy, international relations, China, foreign policy, economic development model, Russian-Chinese relations


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For citation:
Mikheev V., Lukonin S. Crisis-Containing Factors of the PRCs Development . World Eonomy and International Relations, 2023, vol. 67, no. 5, pp. 24-33. https://doi.org/10.20542/0131-2227-2023-67-5-24-33 EDN: VMQECO



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