The Wall Street Journal is gated but if you can access this it paints a dour outlook for China's economy:
- Growth is slowing and becoming more unbalanced, propped up by exports and a gusher of investment into factories, while much of the rest of the economy languishes.
- Consumers are reining in spending, the housing market is depressed, local governments are swimming in debt and foreign investors are pulling their cash—all at a time when China’s population is rapidly aging.
- Yet expectations are low for Xi to make a significant course correction at a Communist Party conclave this week, as he continues to put measures to enhance China’s economic security above other priorities.
The 'conclave' being referred to is the Third Plenum. This comes around every five years, and this one is shaping up as a massive missed opportunity:
- Xi seems more focused on steps to make China less dependent on Western technology
than on economic recovery.
Its an interesting piece if you can access it, link here.
I dunno about all this. While we in the West are, yes, screaming at China to do more for their economy, and in turn us, maybe Xi is on the right track putting China first, for China. Its not as if he is alone on the world stage turning inwards and more insular.
