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A picture of the participants in China’s leading political event this year, some of them dressed in traditional regional costumes

The economic consequences of a global fragmentation will be severe

As the economy begins to sag, China’s ruling party is tightening control over the country and fanning nationalist sentiments in response to justified criticism from abroad. International tension is rising. The world could split up into competing political and economic blocks once again. This would be particularly harmful for Europe, which very much depends on doing business with the Middle Kingdom to maintain its prosperity.

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