Highlighted a number of concerns:

  • Covid-19 has sped up the shift in the global distribution of production ... In addition to the influence of geopolitical contests, China’s industrial sectors are facing double pressure – industries moving into Southeast Asia and back to developed countries
  • Chip shortages and supply chain stoppages threaten supply chain security and competitiveness
  • increasingly unpredictable course of the Covid-19 pandemic
  • rising inflation and tightening monetary policies
  • growing anti-globalisation and nationalist sentiment that could have an impact on international trade


Liu seems to have missed the debt-triggered implosion of China's property sector in the list of worries.