China's Economic Outlook for 2024: Regrets and Miracles

China's post-COVID recovery has been disappointing, raising doubts about its growth model and presenting Beijing with a choice between taking on more debt or accepting slower growth. The country's reliance on investment, rather than consumption, has left many Chinese feeling the effects of growth less. The economy's heavy debt burden and dependence on the property market pose challenges for policymakers. China's ageing population and difficult geopolitical environment further complicate the situation. Tough choices lie ahead for China, with potential implications for global industries and economies that rely on China as a supplier and market.