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MIL OSI Translation. Region: Russian Federation –

Source: State University of Management – Official website of the State University –

Source: Moscow Speaks

Economists have predicted a second “Chinese shock” to the world with an influx of cheap goods. To solve financial problems, China is increasing its production of goods, significantly exceeding domestic demand. 20 years ago, this ruined factories in the West, writes the Wall Street Journal.

“The trend will be driven by cheap products. The PRC is interested in expanding the sales area,” said Maxim Chirkov, associate professor of the department of economic policy and economic measurements at the Institute of Economics and Finance of the State University of Management, candidate of economic sciences.

“I believe that the so-called second “Chinese shock” is quite possible. Basically, we see that China’s current development trajectory is very dynamic and has been going on for many decades, but it is coming to an end. They remain quite high, but even from 5% there are, in principle, serious declines. I think the Chinese will have to do something to maintain their economic growth. This includes supporting domestic demand and promoting their products at low prices.

I think what is being talked about as the so-called second “China shock” will be just one of the tools China will use to support the growth of the Chinese economy. In principle, it seems to me that the promotion of Chinese goods, cost reduction and price reduction will truly take over the whole world. It’s not just Western countries that are being talked about to a greater extent. But the whole world has witnessed that the Chinese will try to increase the share of their goods in sales in the economies of almost all countries, because the Chinese need demand around the world to support their own economic growth.”

Beijing is doubling exports to revive flagging economic growth, with factories already producing more cars, appliances and consumer electronics than needed for the domestic market. Chinese companies, relying on government loans, are oversaturating foreign markets with products that they could not sell domestically.

The first “China shock” occurred after a series of liberal reforms in the 1990s and the country’s accession to the World Trade Organization in 2001. The United States lost more than 2 million jobs from 1999 to 2011 as furniture, toy and clothing makers failed to compete.

Subscribe to the tg channel “Our State University” Publication date: 03/5/2024

Moscow speaks

Economists have predicted a second “Chinese shock” to the world with an influx of cheap goods. To solve financial problems, China is increasing the production of goods…

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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