Editor’s Note: The story has been updated to reflect the correct Toyota Motors ticker.
Scott Bessent, the U.S. Treasury Secretary, shared his thoughts on China’s economy and the challenges it poses to the U.S.
China’s ‘Unbalanced’ Economy Poses Global Trade Risks
In an interview with Nikkei Asia, Bessent described Xi Jinping‘s economy as the most “unbalanced, or imbalanced, economy in the history of the modern world.” He noted that the Chinese government’s significant interest in the manufacturing sector has led to production below cost, effectively turning it into a jobs program.
China’s economic structure differs fundamentally from Western economies and Asian democracies. The country is unique in being both the largest economic and military rival to other nations. This makes it challenging to navigate relations with China, given its non-market economy and …