The multiple problems facing China’s state capitalist economy have grown significantly during 2023. The western capitalist press is full of often self-serving analysis predicting the end of the ‘Chinese miracle’. In addition, ratcheting tensions between China and the US have led to severe trade embargoes – first under Donald Trump’s presidency, and more recently Biden’s so-called ‘Chip Wars’.
US imperialism is determined to stop its primary world rival from acquiring the advanced technologies in semiconductors to enable moves to an advanced economy. The Chinese Communist Party (CCP), in contrast, is trying to transition China from an ‘assembly plant’ into a higher value-added manufacturing economy. Especially in green energy, healthcare, artificial intelligence, supercomputing, life sciences and military technology.
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