From world's engine to internal combustion

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Given the Covid pandemic, the overall suspicion about tech giants like Huawei, the US trade pressure, and increasing defensiveness from the EU, China is beginning to realise its exports-driven growth is becoming a weakness. So it's understandable that their new 5-year plan is now focusing more on the domestic market.

This isn't the first time that we've heard of China's need to re-orient its economic model towards one dominated by domestic consumption. But now the context is different: increasing hostility from the US and Europe. This means China will finally have to get real about limiting its dependence on exports.

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