Much has changed since China’s top Communist party officials gathered in 2020 to set out their economic priorities for the country’s current “five-year plan”. Donald Trump’s frenetic second US presidency has upended the global trading system. An ongoing property slump has battered consumer confidence, compounding the public’s shaken faith in Beijing’s economic management after the sudden abandonment of draconian Covid-19 restrictions. Leaders are increasingly concerned about neijuan, or “involution” — shorthand for industrial overproduction fuelling ferocious price wars across the manufacturing sector.
2020年，中共最高領導層召開會議，為中國當前這個“五年規劃”制定了經濟優先事項，自那以后世界已發生巨大變化。唐納德?特朗普(Donald Trump)失控的第二任期顛覆了全球貿易體系。持續的房地產低迷打擊了消費者信心，加上中國政府突然放棄嚴厲的疫情封控措施，進一步動搖了公眾對其經濟管理能力的信心。領導層也日益擔憂所謂的“內卷”，即制造業產能過剩引發的惡性價格競爭。