BWC Member Martin Mühleisen argues that China’s record trade surplus reflects a broader mercantilist strategy built on industrial self-sufficiency, state-directed finance, and geopolitical leverage. He cautions that China’s demographic and economic challenges are unlikely to weaken its influence anytime soon. Muhleisen calls for the United States and its allies to strengthen industrial capacity, protect technological advantages, expand partnerships with the Global South, and improve coordination among democracies.

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All views expressed by members are their own and do not necessarily reflect the views of the Bretton Woods Committee.