COVID Reason • 237 implied HN points • 14 Oct 24
- China had a huge economic boom driven by global demand for its products, creating an illusion of strong governance.
- The 2008 global crisis revealed China's vulnerabilities, leading to rising debt and a focus on real estate to cope with slowed growth.
- Now, China's heavy debt and real estate issues are growing problems, signaling a decline in globalization that previously supported its economy.