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The New China Shock

The shift to a dual-circulation strategy raises the specter of a new “China shock” that could dwarf the impact of the first one, which struck Western economies after China’s accession to the World Trade Organization in 2001. 

Although China’s inclusion in the WTO generated a huge amount of wealth and lifted millions of Chinese out of poverty, it also created losers in places like the American Rust Belt and the United Kingdom’s “red wall” districts, setting the stage for the UK’s Brexit referendum and former US President Donald Trump’s election in 2016.

Rather than endangering legacy industries, the goal is to dominate cutting-edge sectors and compete with legal and financial firms in the City of London, automakers in Baden-Württemberg, and biotech firms in Sweden.

Mark Leonard is Co-Founder and Director of the European Council on Foreign Relations.


Suzhou Creek holds a special place in the hearts of Shanghai residents. This series explores the creek in each of the six city districts through which it flows.



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