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In 2023, in an effort to revive the sluggish economy after the COVID-19 pandemic, the Chinese government implemented a variety of stimulus measures, such as interest rate cuts, tax cuts for small and medium-sized enterprises, and the issuance of local government bonds. But recovery has been challenging owing to export controls by the United States, lackluster domestic demand, high youth unemployment, and a real estate bubble. Externally, to respond to stronger cooperation between the United States and its allies in Western Europe and Asia, China actively pursued diplomatic activities with its traditional allies, such as Russia, and developing countries.
Piao et al. (Fri,) studied this question.