WHILE the world is rightly waking up to the implications of China’s rising technological prowess, it’s time for a reality check. Their contribution to economic activity is dwarfed by traditional engines such as property and infrastructure investment, years after they collapsed. At the same time, the increase in economic activity from six newfangled growth drivers was less than one percentage point. Billed as a consumer subsidy, in reality this scheme offers support to the industrial giants so important for the country’s future. It will take time for China’s industrial giants to get to the point where they can truly propel growth.

Source: The Star January 15, 2026 22:44 UTC