Doing the math, we find that Chinese GDP looks better and the United States looks worse for last year than has been reported in some quarters. The U.S. is paying a steep price with its bloated money supply. Now it’s facing interest rate hikes to control inflation.

Recently, the IMF downgraded global growth prospects, due to projected slowdowns in the U.S. and China. Negative prospects could be overcome with the right policies, such as trade cooperation. The current ones support stagflation.

In China’s new development stage, the growth cycle needs to address the structural issues of economic growth and take into full consideration the issues of group equity, intergenerational continuity and climate inclusion.

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.