China's growth story has long seemed less rapid. Although the People's Republic has been investing more than 40 percent of its economic output for a good two decades, the growth of three percent in 2022 and six percent before the coronavirus crisis is not very impressive, said Wieland in an interview with Wirtschaftswoche. "Obviously, the majority of investments are not leading to an increase in economic output." At the same time, consumption is still weak compared to the USA and Europe.
There is also a risk of further escalation on the real estate market. "The risk of the real estate market driving China into a major financial crisis is not exactly small," continued Wieland.
Wirtschaftswoche: "China vs. USA: Der Zweikampf" (€)