China has been relatively successful in its global ambitions, countering US influence while advancing its own, and gaining market share in a wide range of high-tech sectors; but it continues to struggle domestically

Consumer confidence remains in the doldrums, house prices continue to fall, firms are engaged in damaging price competitions, and around 40 million of its workforce remains tied up in unproductive activities

To unleash into fruitful employment the workers who are currently unproductive would require a pivot in China’s growth strategy toward the consumer, a move for which Beijing shows no appetite so far…