China is a paper dragon

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A terrific note from The Atlantic’s David Frum sums it all up:

China was mentioned only four times in Joe Biden’s first address to a joint session of Congress, but it shadowed almost every line of the speech. “We’re in a competition with China and other countries to win the 21st Century,” Biden said. His aides describe the president as preoccupied with the challenge from China. “It informs his approach to most major topics and the president regularly raises it in meetings, whether he is discussing foreign policy or electric bus batteries,” CNN’s Jeremy Diamond reported. “And aides say Biden believes it is a key test by which historians will judge his presidency.

As Biden said to the nation from the well of the House of Representatives, the authoritarian President Xi Jinping is “deadly earnest” about China “becoming the most significant, consequential nation in the world. He and others—autocrats—think that democracy can’t compete in the 21st century with autocracies.”So this might be a useful moment to hear a contrary voice. In 2018, the Tufts University professor Michael Beckley published a richly detailed study of Chinese military and economic weaknesses. The book is titled Unrivaled: Why America Will Remain the World’s Sole Superpower.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.