The external environment is not helping. To sustain economic growth — and thus the CPC’s legitimacy — China must retain its position as a major global manufacturer. It needs to continue securing raw materials and intermediate goods, such as semiconductor chips, through a stable global supply chain, and it must continue exporting finished products to the U.S. and other global markets. This will be very difficult to do, unless China can find a painless way out of its ongoing trade and technology war with the U.S..
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