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Episode 6: Common prosperity, coal, and competitiveness: The US and China (part II)

Transcript

Listen: The relationship between the US and China is rapidly evolving. Economic and political decisions made today will impact power dynamics in both the near and long term. We'll examine the Chinese government's plans to shape industries, continue its domestic growth, and deliver on commitments made to reduce greenhouse gas emissions. Plus, we'll explain what those decisions may mean for Chinese and US investors in the near future.

The latest episode of Living Beyond Borders, a special podcast series from GZERO and Citi Private Bank, is the second in a two-part series on the relationship between the US and China. Moderated by Caitlin Dean, Head of the Geostrategy Practice at Eurasia Group, this episode features David Bailin, Chief Investment Officer and Global Head of Investments for Citi Global Wealth, Steven Lo, Co-Head of Citi Global Wealth for Asia Pacific, and Ian Bremmer, President at Eurasia Group and GZERO Media.

Listen to part 1 of this conversation.

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Why is Xi Jinping willing to slow down China’s economy?

China's GDP grew a lower-than-expected 4.9 percent year-on-year in the third quarter of 2021, a whopping three percentage points less than in the previous period. It's a big deal for the world's second-largest economy, the only major one that expanded throughout the pandemic — and now at risk of missing its growth target of 6 percent for the entire year.

Normally, such a drastic slowdown would have put the ruling Communist Party in a tizzy. But this time, Xi Jinping knows this is the price he must pay for his big plans to curb rising inequality and boost the middle class at the expense of the CCP's traditional economic mantra: high growth above all else.

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