By Bloomberg News
As China’s property sector declines, President Xi Jinping needs to reshape the nation’s economic model to drive growth over the next decade. His government’s solution risks igniting a new wave of trade tensions across the globe.
China’s leaders are pouring money into manufacturing as property-related activity, which once spurred about a fifth of the economy’s expansion, turned into a drag on growth in 2022. Part of that focus is what they call the “new three” growth drivers of electric vehicles, batteries and renewable energy, aiding the world’s de-carbonization push and fueling demand for commodities such as copper and lithium.