China’s real concern is long-term growth

China has emerged from the COVID crisis much faster than OECD countries thanks to its better public health management and its huge stimulus plan. This may now give the impression of Chin ese economic superior ity over OECD countries. But one should not overlook China’s main problem, which is the slowdown in its long-term growth under the effect of: Very significant population ageing; The risk of productivity gains slowing , for several reasons: less potential to catch up with OECD countries; the skewing of the capital stock towards unproductive capital; and the growing role of state-owned enterprises relative to the private sector.