The New China Syndrome

Competitive devaluations are in the offing in what is emerging as a monetary race to the bottom.

Chinatopix via AP
Vehicles and trucks for export at a port at Yantai in eastern China's Shandong province, January 2, 2025. Chinatopix via AP

Communist China’s nearly trillion-dollar trade surplus for 2024 is not only a marker of the economic distortions driving Beijing’s global ambitions, but a symptom of the fiat money era. The surplus reflects Beijing’s attempt to export its way to prosperity. A trade imbalance on such an unprecedented scale, though, is a monument to monetary manipulation that will cast a shadow on the global economy and American politics in the year ahead.

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