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Chongli, China – A ski resort north of Beijing, Wanlong, is emerging as a key example of a broader shift in Chinese economic policy, as authorities appear to bolster the services sector through targeted state-led investments. The success of Wanlong, particularly after the 2022 Winter Olympics, is being held up as a model for unlocking domestic demand and diversifying away from reliance on traditional infrastructure spending, a strategy that has, at times, yielded diminishing returns. This pivot towards a “winter economy” represents an important, albeit risky, policy shift for China this year, according to reports.

For decades, Luo Li, the owner of Wanlong ski resort, struggled to attract visitors. He initially found himself with more staff than customers when the complex opened approximately two decades ago. However, the 2022 Beijing Winter Olympics proved to be a turning point, bringing significant improvements to transport infrastructure to the Chongli district, located about 200 kilometers (124 miles) outside the capital. This spurred the development of seven additional resorts in the area. Following the lifting of COVID-19 restrictions in early 2023, Wanlong experienced a surge in visitors and has now achieved profitability for a second consecutive year.

Olympic Infrastructure Fuels Growth

The influx of visitors to Wanlong demonstrates the potential of agglomeration effects, as Luo Li explained, “We created the demand.” He employs 1,200 staff to cater to the resort’s 600,000 visitors this year. The improved infrastructure, a direct result of hosting the Winter Olympics, was crucial in attracting tourists. The success isn’t limited to Wanlong; the broader Chongli district has benefited from the increased tourism. The area’s transformation highlights the potential for strategic investment in services to stimulate economic activity.

Beijing’s policy shift comes as the country seeks to redirect stimulus funds away from what have sometimes been described as wasteful investments in transport, housing, and industrial infrastructure towards potentially more productive areas. This change in focus is intended to unlock latent household demand and address a longstanding structural weakness in the Chinese economy: soft consumer demand, which has hindered economic growth despite previous stimulus measures. Analysts suggest that the success of the “winter economy” could serve as a blueprint for similar initiatives in other service sectors.

A Broader Shift in Economic Strategy

The move towards prioritizing services is not without its risks. Financial Times reporting indicates that some ski resorts experienced significant revenue declines in 2020, before a recovery in 2021, followed by another dip in 2022, demonstrating the vulnerability of the sector to external factors. However, the current trajectory suggests a positive trend, with Wanlong serving as a compelling case study. The government is signaling a commitment to supporting the services sector through state-led investments, aiming to replicate the success seen in Chongli across other regions.

This policy shift aligns with a broader effort to rebalance the Chinese economy, reducing its reliance on investment and exports and fostering greater domestic consumption. The “winter economy” is being presented as a viable pathway to achieve this goal, demonstrating the potential for targeted investments in services to unlock demand and drive economic growth. Reuters reports that Chinese authorities are actively studying the Wanlong model to inform future investment strategies.

What to Watch Next

The success of the “winter economy” will likely be closely monitored by policymakers as they assess the effectiveness of the new stimulus approach. The next steps will involve scaling up these investments in other service sectors and evaluating their impact on overall economic growth and consumer spending. The government will also need to address potential risks, such as overcapacity and market volatility, to ensure the sustainability of this new economic strategy. The coming months will be crucial in determining whether the “winter economy” can truly serve as a catalyst for broader economic revitalization in China.

What are your thoughts on China’s new economic strategy? Share your comments below and let us know what you think!

Geneva – Iran and the International Atomic Energy Agency (IAEA) held “in-depth technical discussions” on Monday, February 16, 2026, as tensions persist over Iran’s nuclear program, Iranian Foreign Minister Abbas Araghchi announced. The talks, held in Geneva, Switzerland, reach as Iran continues to seek assurances regarding the future of cooperation with the UN nuclear watchdog and amid ongoing negotiations with the United States.

Araghchi stated via X, formerly known as Twitter, that he met with IAEA Director General Rafael Grossi for the discussions, which included participation from nuclear experts from both sides. The meeting follows a renewed dialogue between Iran and the U.S. That began earlier this month in Oman, spurred by recent threats of military action from U.S. President Donald Trump, according to CNN Arabic. The current round of talks aims to address the framework for future inspections and cooperation, particularly in light of concerns raised following an alleged Israeli-American attack on Iranian nuclear facilities in June 2025.

The discussions are taking place against a backdrop of evolving agreements between Iran and the IAEA. In September 2025, Araghchi stated that a modern agreement with the IAEA did not currently permit inspectors access to Iranian nuclear sites, according to Al Jazeera. He emphasized that the nature of future site visits would be determined through further negotiations. A key aspect of the agreement, Araghchi noted, was recognition that cooperation between Iran and the IAEA needed to operate within a new framework.

Shifting Cooperation and Security Concerns

Iran officially suspended its cooperation with the IAEA, prompting a statement from Araghchi in February 2026 that cooperation would “seize a new form,” as reported by Sky News Arabia. This shift follows the passage of a new law requiring approval from Iran’s Supreme National Security Council – the country’s highest security body – for any future inspections of Iranian nuclear sites. Araghchi explained that access to sites previously targeted in attacks is now considered a matter of national security and safety.

The Iranian Foreign Minister reiterated Iran’s right to uranium enrichment, adding that they are “studying the details of potential talks regarding the Iranian nuclear program.” He too acknowledged that while cooperation with the IAEA would continue, requests would be considered “on a case-by-case basis… taking into account safety and security issues.” Araghchi highlighted concerns about the potential for the spread of radioactive materials and the risk of explosions from remaining ordnance at the sites, according to Sky News Arabia.

Broader Negotiations and Potential Agreements

Beyond the IAEA discussions, Iran is also exploring potential agreements with the United States encompassing energy, mining, and aircraft, as reported by Al Arabiya. These broader negotiations, mediated by Oman’s Foreign Minister Bader Al Busaidi, represent a multifaceted attempt to de-escalate tensions and address a range of economic and security concerns.

Araghchi expressed optimism about reaching a “just and fair” agreement, stating that Iran has “real ideas” to achieve this outcome, according to Al Sharq. However, the specifics of these ideas and the potential for a breakthrough remain unclear.

The outcome of these discussions will be closely watched by the international community, as they have significant implications for regional stability and the future of the Iran nuclear deal. The next procedural step will be further technical discussions between Iranian and IAEA experts, aimed at establishing a concrete framework for future cooperation and inspections.

Share your thoughts on these developments in the comments below.