New Risks and Threats in China’s Economy: Consequences of Sanction Pressure or Falling into the Middle-Income Trap?

Occupation: Senior Researcher, Centre of World Politics and Strategic Analysis, Institute of China and Contemporary Asia, Russian Academy of Sciences; Associate Professor, Department of Foreign Languages and Intercultural Communication, Faculty of International Econo
Affiliation:
Institute of China and Contemporary Asia, Russian Academy of Science
Financial University under the Government of the Russian Federation
Address: Russian Federation, Moscow

Journal name

Asia and Africa Today

Edition

Issue 8

Pages

23-31

Abstract

The decline in the country’s GDP growth rates is determined by the structural imbalances of the transitional economy of China, the consequences of the geo-economic war unleashed by the United States, and the inevitable crisis of growth, accompanied by the risk of falling into the “middle-income trap”.

At the initial stage, the sanctions pressure on China caused considerable concern, however, since May 2023, Beijing began to introduce effective countersanctions that can reverse the situation with the sanctions pressure and lead to its weakening.

Another factor of concern about the situation in the country’s economy is related to the difficulties in further search for internal growth drivers. Since 2019, China has come close to high-income countries, but the PRC has not yet managed to overcome the milestone and stand on a par with “rich” states.

The main conclusion of the study is that risks and threats are growing in the Chinese economy due to sanctions pressure and approaching the “middle-income trap”.

Keywords

China, USA, recession, global economy, middle-income trap, sanctions pressure

Received

13.02.2023

Publication date

30.08.2023

Number of characters

28800

Cite

GOST	Zakliazminskaia E. New Risks and Threats in China’s Economy: Consequences of Sanction Pressure or Falling into the “Middle-Income Trap”? // Asia and Africa Today – 2023. – Issue 8 C. 23-31 [Electronic resource]. URL: https://asaf-today.ru/S032150750024796-7-1 (circulation date: 02.05.2024). DOI: 10.31857/S032150750024796-7
MLA	Zakliazminskaia, Ekaterina O "New Risks and Threats in China’s Economy: Consequences of Sanction Pressure or Falling into the “Middle-Income Trap”?." Asia and Africa Today 8 (2023):23-31. DOI: 10.31857/S032150750024796-7
APA	Zakliazminskaia E. (2023). New Risks and Threats in China’s Economy: Consequences of Sanction Pressure or Falling into the “Middle-Income Trap”?. Asia and Africa Today (8), pp.23-31 DOI: 10.31857/S032150750024796-7

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