China’s imports and exports jolted to a halt earlier this month - marking the first contraction since the pandemic struck in 2020. At a time of worldwide surging inflation and central banks everywhere raising interest rates to painful levels, the “miracle of growth” that powered much of the world’s prosperity these last two decades is causing growing concern.

For the second installment of our three-part series looking in depth at China at a crossroads, One Decision considers the economic crises that could be facing the country - and the world. George Magnus, former Chief Economist at UBS, now author and research associate at the China Centre, Oxford University, and the School of Oriental and African Studies, London, explores whether China can bounce back in the coming months.