Executive summary

In 2023, several major economies around the globe have shown very different faces with war as the main axis. China's technological blockade brought about by the war between China and the United States has hindered the development of high-tech industries in the country, coupled with the weaker-than-expected rebound of consumer spending in the aftermath of the epidemic has brought heavy pressure on the economy's recovery, which has further led to the collapse of China's housing market, the unemployment rate of young people reaching record highs, and the loss of profitability of financial enterprises. Across the ocean, the U.S. has experienced a government shutdown crisis, a high inflation crisis, and a high interest rate policy to control inflation, ultimately laying the groundwork for economic growth and high consumer prices in 2024.