Still, not everyone is over the moon with China’s achievements.
Donald Trump, to name one, was able to win the election for U.S. president by blaming China for the downfall of the American manufacturing industry.
And recently, stiff competition from high and low wage countries has stifled Chinese export growth. The 2008 global financial crisis has taken a heavy toll China’s most important export partners. Consumption levels of Chinese goods in these countries still aren’t where they used to be.
Chinese domestic demand has dropped as well.
China’s slackening demand has quickly affected other economies.
Latin American countries are suffering from a diminished demand for commodities like copper. Fewer car imports are hurting German exports. Korean exports are also negatively impacted.
But China is not concerned as its government is currently focused on realigning the economy.