Part 5/11:
By joining the World Trade Organization (WTO) in 2001, China deepened its integration into the global economy. This move led to a surge in foreign direct investment, vastly enhancing the nation’s manufacturing capabilities and lifting hundreds of millions out of poverty. However, this growth was underpinned by state-owned enterprises (SOEs), which benefitted from subsidies and favorable credit frameworks that, over time, created an unsustainable dependence on debt and capital influx.