One of the best western financial expert made his bet on a weakening China-Russia alliance /Rushir Sharma, FT Opinion 28 March 2022/. It is wishful thinking in my view, they will come even closer due to the mounting pressures of the American Grand Strategy.
When it comes to Chinese property markets it is really one of the best news that the focus of economic growth starts to change, weakening the link between GDP growth and the credit growth for property developments.
As for demography, China will finally solve the looming “fewer workers –slower growth” trap by launching the new three children policies.
Concerning the success story of China’s state capitalism, all the historical breakthroughs have been coming by using both, the state and the private sector at the same time. The new flourishing private sector did not replace state-run companies to create a brand-new export sector, they were really new. It is not the retreat of the state, it is the ancient/modern concept of benefiting from both, private /yin/ and state /yang/ energies.
Anyway, a G2 cooperation would be much better for both worlds than the unfolding G-2 world.
Governing Matolcsy, MNB, the Central Bank of Hungary