In the short run China’s economic outlook is clouded by the war in Iran and the double blockade of Hormuz, as rising prices dampen global demand ‒ although so far China’s exports are holding up better than expected Longer term there are both internal issues (weak domestic demand, unfavourable demographics, corporate fragilities) and external challenges (de-risking) to overcome before China achieves its dreams of national rejuvenation Further upgrades to China’s technological and manufacturing capabilities remain the chosen solution for overcoming