China’s strongman president has reversed his decisions on a wide range of policies, wrong footing the rest of the world. But his impulse to control may reassert itself when the economy starts to recover.
In late October, when Xi Jinping consolidated his hold on China’s Communist Party at its five-yearly congress, the world cringed. Xi seemed determined to push China back to the age of Mao Zedong, his role model. Hardline ideology would tighten its grip on the world’s second-largest economy, with dire implications for the rest.
The last thing anyone expected from a strongman president entering his 11th year in power was a sudden about face. Yet within weeks, Xi’s government has reversed its efforts to control COVID-19, big tech companies, the property market and more.
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Financial Times
Ruchir Sharma is a writer and investor, and the author of four books, including most recently "The 10 Rules of Successful Nations". He is chairman of Rockefeller International.
