China has taken a path toward common prosperity that is different from that of the United States. It hopes to explore a Chinese solution characterized by modest, sustainable lifestyles that avoiding the overconsumption of the West. The race has just begun.

The global pandemic no longer holds the world hostage as it did in 2020 - yet it’s effects and deadly consequences are still present along with the lingering threat of war and economic collapse.

The future looks bright, but China must maintain economic openness. Its average real rate of growth is likely to be around 6 percent. Meanwhile, rationality will prevail and a hot war with the U.S. will be avoided.

As China focuses on the pursuit of common prosperity, reforms should encourage making the overall cake bigger, so that more can find its way to labor. This will unleash consumption as a growth driver and bring many other benefits.

China is on the cutting-edge of information technology, providing consumer electronics and telecommunications equipment to much of the world. Its own digital infrastructure is due for a modest upgrade that will be rolled out by 2023.

To make sense of China’s summer spate of market-altering policy changes, one must examine Xi Jinping’s strategy, as well as historical precedents for state interventionism in the economy.

The historical promise from the CPC to the Chinese people has been kept. The concept of common prosperity also has significant developmental implications in rebalancing the world economy. It does not mean killing the rich to help the poor.

Over the last 20 years, a number of thriving technology companies have emerged in China. This has invited much speculation about the country’s scientific and technological prowess, and about its ability to innovate. Some argue that China is already nipping at America’s heels in these domains, and has become a world leader in some sectors. Others believe that China is not quite as far along as it may appear, and the government’s regulatory clampdown on tech companies will impede its continued progress. Which is it?

Why should the shared interest in middle class development in China and the United States be a key driving force in the bilateral relationship today?

China’s friction with the West has led to retaliatory economic jabs in going both directions, yet for all the posturing and saber-rattling, trade between China and its Western partners is not easily replaced.