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The article argues that China has reached the limits of its long-standing growth model based on exports, investment, and real estate. While official figures suggest stability, deeper indicators reveal mounting weaknesses that cast doubt on the sustainability of this strategy.
Exports are once again driving growth, echoing the early 2000s, but domestic demand remains weak as consumer confidence is still shaken by the pandemic. The real estate sector, which represents the bulk of household wealth, is in decline, creating both financial and social anxiety. Government attempts to stimulate spending through subsidies have had only limited effect, while industry continues to suffer from overcapacity.
These imbalances have led to deflationary pressures and highlight the fragility of relying too heavily on external markets, especially as the U.S. and Europe tighten restrictions on Chinese goods. In short, the article suggests that China’s traditional economic engine is running out of steam, and the country must find new drivers of growth to avoid stagnation.

The objectif is to analyze the structural weaknesses of China’s current growth model. Despite meeting official growth targets, the economy shows deep vulnerabilities. China’s reliance on exports, investment, and real estate is proving unsustainable. Exports leave the country exposed to global shifts, while domestic demand remains weak post-pandemic. The real estate crisis threatens financial and social stability, and government efforts to boost consumption have had limited impact. Deflation and rising trade restrictions add further pressure. The article concludes that China must urgently reinvent its economic model to avoid stagnation and long-term decline.