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George Magnus
George Magnus
George Magnus is a research associate at the China Centre at Oxford University and author of Red Flags: Why Xi’s China is in Jeopardy.

While Beijing may not have started the disengagement process, it is committed to seeing it through, with huge efforts to achieve self-reliance. But China’s rise is inseparable from globalisation, and given the economic challenges the country is already facing, many of its efforts seem certain to fail.

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The campaign to address gaping inequality by reining in market freedom was at the top of Beijing’s agenda last year. But as new Covid-19 outbreaks and Russia’s aggression threaten to slow China’s already sluggish economy, undoing decades of economic reform is fraught with risks.

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America’s new trade agreement with Mexico and Canada contains two provisions – on currency manipulation and trade with a ‘non-market economy’ – that are drafted with China in mind, and could be used as a template for future accords.

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