China’s growth model is no longer suited to the global economy, Mohamed El-Erian says

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Chinese President Xi Jinping Reuters/Pool China's growth model is no longer suited to the global economy, Mohamed El-Erian said. Exports have fallen, and growth in Europe and the US will likely be muted for the foreseeable future, he said. "China cannot count on globalization to rescue its faltering growth model." China's disappointing post-COVID recovery highlights the country's misalignment with the global economy, Mohamed El-Erian wrote. After an initial burst of first-quarter growth, China's industrial output, investment, and consumer activity have all cooled sharply. The country now teeters on the edge of deflation, while second-quarter GDP pointed to continued weakness. In...