China's economy weaker than US, too frail to force open on competition

Given the seeming evolution of a deal focused on observable metrics, like Chinese imports of U.S. goods, Washington will fail if it comes away without concessions on market access

US demands that China either open up to increased foreign competition or agree on hard targets for boosting imports overlook the weakness of that nation’s economy. If President Donald Trump’s team doesn’t recognize this fragility and Beijing’s wariness, it overlooks a profound unspoken worry.

Few are inclined to think of the Chinese economy as wobbly. According to official data, 2017 marked the first acceleration in real GDP growth, to 6.9 percent, since 2010. Nominal GDP growth was in double digits for the first time since 2013 and the highest reading since 2011. Retail sales are up 10 percent and credit