The Wall Street Journal is closed but if you can get through it you will find that it paints a bleak picture of the Chinese economy:
- Growth is slowing and becoming increasingly unbalanced, supported by exports and a surge in factory investment, while much of the rest of the economy suffers.
- Consumers are curbing their spending, the housing market is in a slump, local governments are drowning in debt, and foreign investors are pulling their money out — all at a time when China’s population is rapidly aging.
-
But expectations are low that Xi will make a major course correction at this week’s Communist Party congress, as he continues to put measures to bolster China’s economic security above other priorities.
The “meeting” referred to here is the third full meeting. It is held every five years, and this meeting represents a huge missed opportunity:
- Xi appears to be focusing more on steps to make China less dependent on Western technology.
From focusing on economic recovery.
It’s an interesting piece. If you can access it, the link is here.
I don’t know about all this. While we in the West are screaming at China to do more for its economy, and by extension for us, Xi may be on the right track by putting China first, for China’s sake. It’s not as if he’s the only one on the world stage turning inward and turning toward isolationism.
