"Authoritarian Regimes: China's Economy Spiraling Downward"

China's economy is experiencing a prolonged period of sluggishness, akin to "economic long COVID," according to Adam Posen, president of the Peterson Institute for International Economics. The country's post-COVID rebound has been lackluster, with growth in manufacturing, consumption, exports, and investments dropping off significantly. Posen argues that China's economic development follows a predictable pattern seen in other authoritarian regimes, where initial growth is followed by increasing government intervention, leading to a decline in growth. President Xi Jinping's extreme response to COVID has further stifled the economy, as people hoard cash and remain wary of further disruptions. Despite China's economic woes, it may not necessarily benefit its rivals, as its growth may not help revive global demand in the event of another recession.