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Turns out China's economic miracle maybe isn't going so well.

From American public media, this is Marketplace.

In Los Angeles I'm kind of with all Wednesdays to day I do believe the ninth of August could

as always to have you along everybody. This has been a week thick with China news.

We told you about the double-digit drop in exports the other day not great for an export

centric economy. This morning came news of deflation in the world's second biggest economy,

falling prices across the board which sounds great but isn't for the effect it can have on

consumers influencing them to perhaps not buy things on the theory those things will be cheaper

in a month or two. All of which is to say maybe things are not so great in the middle kingdom.

That's kind of the through line of a new piece in foreign affairs by Adam Pozeny's the president

of the Peterson Institute for International Economics. Adam welcome to the program.

Good to have you back. Thank you Kai. I will start with the title of this piece. It is called

the end of China's economic miracle. I note for the record there is no question mark on the end

of that title. What are you seeing? Well there is legitimately still a question but you're

right. The title sticks at my head out there. What I see is a trend that had been already underway

since the start of Xi's term, roughly 2015, of greater and greater state intervention

in the economy that zero COVID policy as implemented in China made things feel very insecure

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