Over the past 30 years, China’s rapid rise has been driven by an export-oriented foreign investment model. Foreign direct investment, infrastructure investment, state-owned enterprise fixed asset investment, and real estate investment—these four forces once jointly constructed the miracle of China’s economic rise. Today, as these four pillars have almost completely collapsed, China’s economy is facing four ticking time bombs: the economic momentum loss from the sharp reduction in foreign investment, the local government debt risks accumulated from infrastructure investment, excessive subsidies and liabilities in state-owned enterprises’ capacity reduction, and the complete collapse of the real estate investment bubble.
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