The New York TimesThe New York Times

China's future isn't what it used to be

By Paul Krugman

23 Dec 2022 · 3 min read

At the beginning of the year, Xi Jinping and China seemed to be emerging as the world's super power. In this New York Times article, Paul Krugman argues that China's future isn't what it used to be.

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The world’s two most powerful leaders have just had very different years.

At the beginning of 2022, Joe Biden was widely portrayed as a failed president. His legislative agenda appeared stalled, while economic troubles seemed to guarantee devastating losses in the midterms. What happened instead was that the Inflation Reduction Act — which is mainly a game-changing climate bill — was enacted; the much-hyped “red wave” was a ripple; and while many economists are still predicting a recession, unemployment is still low and inflation has been subsiding.

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