Chair

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 <p><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member China’s economy could be in jeopardy as all factors indicate a financial decline. China’s economy has now reached high debt levels, and government interference in all sectors has strained both small and medium-scale enterprises. In addition, the aging population is worrisome as more citizens claim benefits from health insurance schemes. The Chinese government covers a portion of medical costs for current and retired workers in urban areas.</p> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: India Aggressively Dumping the U.S. Dollar, Insiders Say</strong></p> 
 <p>However, the Chinese boom might soon come to an end as its economy is echoing the 2008 financial crisis of the U.S. The Communist country might experience a full-blown financial crisis that could take years to recover from.</p> 
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 <h2 class="wp-block-heading" id="h-brics-china-mirroring-the-u-s-financial-crisis-of-2008">BRICS: China Mirroring the U.S. Financial Crisis of 2008</h2> 
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  <img decoding="async" width="700" height="525" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="usa china trade wars" class="wp-image-85989 ewww_webp" sizes="(max-width: 700px) 100vw, 700px" data-src-img="https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp.webp 700w, https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp.webp 300w, https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp.webp 380w, https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp.webp 550w" data-srcset-img="https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp 700w, https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp 300w, https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp 380w, https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp 550w" data-eio="j"> 
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   <img decoding="async" width="700" height="525" src="https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp" alt="usa china trade wars" class="wp-image-85989" srcset="https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp 700w, https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp 300w, https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp 380w, https://cdn.thebittimes.com/images/2023/09/13/f53dc05313e1942c12c47dd9d70be909.webp 550w" sizes="(max-width: 700px) 100vw, 700px"> 
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    Source: Indiatimes.com 
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 <p>The Chair of Rockefeller International, Ruchir Sharma, told the Financial Times that China’s miracle path no longer exists. Sharma highlighted China’s high debt levels, government interference in all sectors, and the aging population that contributes to the economic decline.</p> 
 <p><strong>Also Read: US to Launch CBDC Currency To Confront <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> De-Dollarization?</strong></p> 
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 <p><strong>“China is where the U.S. was in late summer of 2008,”</strong> he wrote. Sharma predicted that <strong>“the next big step for China is a full-blown financial crisis,”</strong> that lies ahead of it. He added that the Xi Jinping administration must get things under control to prevent an <strong>“even deeper recession.”</strong></p> 
 <p>BRICS member China’s failure to liberalize its economy could prove fatal in the long term as foreign investments are not allowed. The lack of capital inflow and outflow could seize the economy making businesses suffer and not thrive. “Beijing is partly immobilized by these debts,” he said, adding that its GDP could gradually begin to decline.</p> 
 <p><strong>Also Read: Europe Could Benefit From <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Expansion, Not the U.S.</strong></p> 
 <p>China has the highest GDP among all <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> members, with an economy of $19.5 trillion. The other <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member, India, comes in a distant second with an economy of $3.5 trillion in 2023. However, the combined GDP of the new <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> is $31.75 trillion, which is ahead of the U.S. at $25.5 trillion.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>china</li> 
  <li>USA</li> 
 </ul> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-china-s-economy-echoing-2008-financial-crisis-of-the-u-s-tbt62567.html">https://thebittimes.com/brics-china-s-economy-echoing-2008-financial-crisis-of-the-u-s-tbt62567.html</a></p>

BRICS: China's Economy Echoing 2008 Financial Crisis of the U.S.

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