Why won’t Xi Jinping fix China’s dreadful economy?

Explanations for Beijing’s refusal to work on deep-seated problems include denial, ignorance and ideology.

Scott Kennedy

Jun 6, 2024 – 5.00am

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China’s economy is performing dreadfully. The post-pandemic bounce was far smaller and briefer than the Chinese government had anticipated. Despite recording a respectable, if diminished, official growth rate of 5.2 per cent in 2023, the reality may have been much slower, with some analysts estimating growth was no more than 1 to 2 per cent.

Some indicators showed modest improvement in the first few months of 2024, but the economy still appears to be sputtering, with growth now highly dependent on exports.

Foreign Policy