Yang Xite
China’s economic growth has transitioned from the double-digit high-speed expansion of the past to a gradual deceleration of around 5%. This shift has sparked significant attention and debate both within the country itself and internationally. The decision to modestly lower the annual GDP growth target during China’s 2026 Two Sessions, its annual plenary sessions of the National People’s Congress and of the National Committee of the Chinese People’s Political Consultative Conference, reflects a policy acknowledgment and adaptation to the new realities of the global economy under the pressures of de-globalization. ANBOUND’s founder Kung Chan suggested that observing this phenomenon requires a more comprehensive perspective. A fundamental evaluation is that the current economic downturn is not unique to China. Instead, it is a challenge shared by the entire world.
Why, then, is the global economy weakening collectively? To understand this, one must clarify the underlying logic to see the true picture. The key lies in “de-globalization”. ANBOUND has conducted research on this topic for nearly a decade, initially approaching it through the “New Space Theory” and observing a “fragmentation” of global space. While globalization seeks a unified market and relies on international agreements, multinational corporations, and organizations to integrate the world, de-globalization does the opposite. It carves the market space from a whole into regional or even national units. This can be viewed as a global-scale “balance sheet contraction”.
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