[maxsanic]

China's GDP grew by 5.5 per cent in H1 2023, reaching 59,303.4 billion yuan, as per the National Bureau of Statistics.

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How many countries have similar or better growth? 

True, but let's not play down the significant challenges facing China in this crucial stage. While the western media definitely has a penchant for dramatizing Chinese collapse, it doesn't change the fact that the country is having a tough time like everyone else.

The way I see it GDP is a red herring and doesn't really say much, the real challenge is how to wean itself off the property market and generate enough jobs from higher value adding activities that aren't labor intensive which in turn helps the country to pivot towards a dual circulation anchored by domestic consumption. This will require a few significant breakthroughs from various fields in the upcoming years.

Currently the EV and renewable energy industry are full steam ahead, pharma/biotech and AI is promising while high end chip manufacturing and global finance is still in the early stages of development. IIRC China has identified 8 key economic / innovation areas as drivers of future growth, they will probably need at least 6 - 7 of these to reach the current explosive stage of EV and renewable energy to alleviate the situation.

The good news though is once this is achieved, the country will further embark on a new growth trajectory and that would spell the cessation of the US as a global strategic competitor of means.

PS: Some Chinese economists and many citizens are actually advocating for the government to give out consumption vouchers and pump out money to "fix" the property market. This is typical taking the easy way out US style and instantly jack up GDP growth but end up detrimental for the future. It's encouraging to see such discipline from the government to take up the challenge instead of kicking the can down the road.