President Biden’s Remarks Raise Alarm About China’s Economic Stability
In a recent political fundraiser, President Joe Biden sounded the alarm on China’s economic challenges, likening the nation to a “ticking time bomb.”
He cited concerns over high unemployment and an aging workforce, highlighting the potential consequences of instability.
These remarks echo his previous characterization of President Xi Jinping as a “dictator,” further straining relations between the two nations. China’s economy slipped into deflation in July, accompanied by declining factory-gate prices, signaling possible prolonged sluggish growth.
This economic downturn could have repercussions on global trade, particularly for EU companies reliant on China.
President Biden’s executive order restricting US investment in sensitive technologies like computer chips and AI adds to the growing tensions. As China’s economic situation remains uncertain, geopolitical ramifications loom.