Why Xi Jinping’s China is Reluctant to Bail out Evergrande
3 years, 2 months ago

Why Xi Jinping’s China is Reluctant to Bail out Evergrande

News 18  

The optics of sit-in protests by irate investors in various offices of one of China’s largest realty firms, Evergrande, and clashes between demonstrators and law-enforcement gave credence to a view that this was a huge challenge to the Chinese Communist Party. EXPLAINED | The Evergrande Crisis And What It Means For Markets Clash of Two Visions As China liberalised its economy in the 1970s, “get rich is glorious” was the reigning credo; many quit their government jobs to explore a sea of business opportunities, which popularised the Mandarin expression ‘xiahai’ that literally means “going down to the sea”. In his book ‘Wen Jiabao: China’s Greatest Actor’, Yu Jie alleges that former premier Wen Jiabao’s brother, Wen Jiahong, had a stake in Evergrande, and had served as its director. As member of the Chinese People’s Political Consultative Conference in 2012, Xu attended the ‘Two Sessions’ legislative proceedings sporting a belt crafted by a French luxury major; his picture went viral on China’s online platforms and this earned him a derisive epithet of ‘Belt Brother’. Xi realises that speculation in real estate is hurting China’s growth trajectory as housing in places like Shenzhen becomes expensive, it has a cascading effect on wages, which blunt China’s competitive advantage.

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History of this topic

Xi digs in with top-down economic plan even as China drowns in debt
1 day, 13 hours ago

Xi digs in with top-down economic plan even as China drowns in debt

Live Mint  

More than 10 years into the Xi Jinping era, it has become clear that much of China’s growth under his watch was driven by unsustainable borrowing, real estate speculation and investments in factories and infrastructure the country didn’t really need. “Xi still believes that the East is rising and the West is in decline," said a foreign-policy adviser in Beijing, …

China eases monetary policy stance, vows more fiscal support
2 weeks, 1 day ago

China eases monetary policy stance, vows more fiscal support

Live Mint  

China’s top leaders plan to loosen monetary policy and expand fiscal spending next year, as Beijing braces for a second trade war when Donald Trump takes office next month. The 24-man Politburo led by President Xi Jinping announced it will embrace a “moderately loose” strategy for monetary policy in 2025, marking its first major shift in stance since 2011. The …

Economy: Xi Jinping’s stimulus package is too weak for China to be healthy
2 months ago

Economy: Xi Jinping’s stimulus package is too weak for China to be healthy

Slate  

This week: Big trouble in not-so-little China as the second-largest economy tries to get out of its post-COVID funk. Emily Peck, Elizabeth Spiers, and Reuters’ Anna Szymanski discuss China’s new economic stimulus measures, which might be too-little, too late. They also discuss the secretive family behind Boar’s Head and a Sherwood piece about a mysterious $7 billion estate tax. Finally, …

Xi Jinping pledges ‘forceful’ rate cuts to halt China’s economic crisis
2 months, 4 weeks ago

Xi Jinping pledges ‘forceful’ rate cuts to halt China’s economic crisis

The Telegraph  

Xi Jinping has called for the introduction of “forceful” interest rate cuts as the Chinese president battles to kickstart the stuttering economy. In a rare admission from China’s leadership, officials said the world’s second-largest economy was facing fresh turmoil as they vowed to inject greater levels of fiscal stimulus. It follows a series of measures laid out by the People’s …

Why Xi Jinping is staring into an economic abyss
3 months, 3 weeks ago

Why Xi Jinping is staring into an economic abyss

The Telegraph  

Herbert Lun believes lockdown made Chinese consumers more frugal. The managing director of Wing Sang Electrical, which makes products such as hair dryers and straighteners, says habits have changed since the country’s zero covid policy forced millions to stay at home. “I do see consumer behaviour changing, including less spending on frivolous luxury goods,” he says. “In the past, luxury …

Xi Jinping sets the course for China's economy for the next decade as he prepares for a fourth term
5 months ago

Xi Jinping sets the course for China's economy for the next decade as he prepares for a fourth term

ABC  

The conclusion of the Chinese Communist Party's 20th Third Plenum marks a significant moment in Chinese politics, as Xi Jinping appears to be laying the groundwork for an unprecedented fourth term. The Third Plenum's communiqué sets a reform deadline of 2029 and emphasises the decisive significance of the "Two Establishes", which solidify Xi's core position in the Party and the …

China’s leaders vow to fight ‘risks’ plaguing economy
5 months ago

China’s leaders vow to fight ‘risks’ plaguing economy

The Hindu  

Beijing's leaders vowed on July 18 to resolve "risks" plaguing China's economy, but were yet to offer any concrete steps to pull the country out of its financial woes. ‘Market failures’ But Hoo Tiang Boon at Nanyang Technological University in Singapore told AFP the statement "acknowledges certain risks and obstacles to the Chinese economy". With the country facing those headwinds, …

Chinese leader Xi issues a positive message at a meeting with US business leaders as ties improve
8 months, 3 weeks ago

Chinese leader Xi issues a positive message at a meeting with US business leaders as ties improve

Associated Press  

BEIJING — China’s nationalist leader, Xi Jinping, called for closer trade ties with the U.S. during a meeting on Wednesday with top American business leaders in Beijing that came amid a steady improvement in relations that had sunk to the lowest level in years. Xi emphasized the mutually beneficial economic ties between the world’s two largest economies, despite heavy U.S. …

Profile: Xi Jinping the reformer
9 months, 1 week ago

Profile: Xi Jinping the reformer

China Daily  

President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, applauds the personnel awarded with medals during a grand gathering to celebrate the 40th anniversary of China's reform and opening-up at the Great Hall of the People in Beijing, capital of China, Dec 18, 2018. BEIJING -- Chinese leader …

Profile: Xi Jinping the reformer
9 months, 1 week ago

Profile: Xi Jinping the reformer

China Daily  

President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, applauds the personnel awarded with medals during a grand gathering to celebrate the 40th anniversary of China's reform and opening-up at the Great Hall of the People in Beijing, capital of China, Dec 18, 2018. BEIJING -- Chinese leader …

Profile: Xi Jinping the reformer
9 months, 1 week ago

Profile: Xi Jinping the reformer

China Daily  

President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, applauds the personnel awarded with medals during a grand gathering to celebrate the 40th anniversary of China's reform and opening-up at the Great Hall of the People in Beijing, capital of China, Dec 18, 2018. BEIJING -- Chinese leader …

Year of the Dragon: China faces critical moment in push to revive economy
10 months ago

Year of the Dragon: China faces critical moment in push to revive economy

Al Jazeera  

Analysts say Beijing needs to roll out measures to stimulate greater domestic consumption amid slowing growth. “China didn’t see the boost most people expected after COVID restrictions were removed in late 2022,” Kevin P Gallagher, the director of the Boston University Global Development Policy Centre, told Al Jazeera. Consumption, by contrast, is viewed as indulgent.” Shih added: “There are 1.4 …

Why Xi Can No Longer Brag About the Chinese Economy
1 year, 1 month ago

Why Xi Can No Longer Brag About the Chinese Economy

Live Mint  

In 2021, Chinese President Xi Jinping popularized a slogan signifying China’s expected displacement of the U.S. as the world’s leading economic power: “The East is rising, the West is declining." China’s GDP may one day reach 90% or even 100% of the U.S.’s, but there’s no realistic scenario in which it reaches 150% or 200%, he said. He was signaling, …

Global Watch | Eclipsing the dragon: Growing shadows of intense power struggle in China
1 year, 3 months ago

Global Watch | Eclipsing the dragon: Growing shadows of intense power struggle in China

Firstpost  

The carefully built narrative that projected China as an ascending superpower under Xi Jinping’s leadership is all set to be the first major casualty of power struggle within the CCP Chinese political and military establishments seem to be at loggerheads as Xi Jinping’s purge continues to target military leaders and his colleagues in the top echelons of Chinese Communist Party. …

China's economic evolution: Navigating challenges
1 year, 3 months ago

China's economic evolution: Navigating challenges

Hindustan Times  

China's economic landscape is currently undergoing a profound transformation, marked by a series of challenges that have far-reaching implications for both the nation and the global economy. China's current economic challenges draw comparisons to Japan's 1990s struggles, marked by deflation, stagnant growth, asset bubbles, and structural issues. China's economic slowdown is challenging the International Monetary Fund's projection that the nation …

Is China’s Reform and Opening Era Over?
1 year, 9 months ago

Is China’s Reform and Opening Era Over?

The Diplomat  

The cover of The Diplomat Magazine’s very first issue was devoted to China’s economy. In Issue 1, Michael Pettis explored the lessons Xi Jinping, then just two years into his term as top leader, could learn from Deng Xiaoping to advance China’s economic “Reform and Opening Up” into a new phase. In this story, Sara Hsu puts together pieces addressed …

Chinese economy enjoys 'strong resilience'
1 year, 11 months ago

Chinese economy enjoys 'strong resilience'

China Daily  

Longtan Container Terminal of Nanjing Port in Nanjing, Jiangsu Province, May 6, 2022. Chinese economy demonstrates strong resilience The US has sought to persuade countries to reduce their dependence on China, via "friend-shoring" by shifting production and trading chains from China to like-minded partners sharing a similar politics, ideology and values, especially China's Asian neighboring economies. Chinese economy contains tremendous …

Two Indicators shaking China's economy : Planet Money
2 years, 1 month ago

Two Indicators shaking China's economy : Planet Money

NPR  

Two Indicators shaking China's economy Enlarge this image JADE GAO/AFP via Getty Images JADE GAO/AFP via Getty Images Chinese leader Xi Jinping recently secured his third term as president. We'll examine two major shifts to the country's economy — one coming from within China, and one from the outside. Shift number one: for the last several decades China has been …

Xi Jinping just became unassailable. Here’s why investors are running scared
2 years, 1 month ago

Xi Jinping just became unassailable. Here’s why investors are running scared

CNN  

Hong Kong CNN Business — When Chinese leader Xi Jinping secured a historic third term in power at the weekend and stacked his top team with loyalists in a clean sweep not seen since the Mao era, investors were quick to pass judgment. “The market is clearly disappointed by the new seven-man Politburo Standing Committee which is filled with Xi’s …

China’s Xi Jinping, secure in power, faces deepening economic challenges
2 years, 1 month ago

China’s Xi Jinping, secure in power, faces deepening economic challenges

Live Mint  

His challenge will now be to show he can just as deftly manage an economy that has weakened considerably this year. Chinese markets tumbled on Monday after Beijing rolled out a party leadership packed with Xi loyalists, and the government said China’s economy expanded by 3.9% in the third quarter of 2022. Mr. Xi’s move to promote numerous allies and …

Fears Xi Jinping flaunting 'collective prosperity' in CCP Congress speech, signalling further winding back of economic reforms
2 years, 2 months ago

Fears Xi Jinping flaunting 'collective prosperity' in CCP Congress speech, signalling further winding back of economic reforms

ABC  

After Chinese President Xi Jinping gave a speech strewn with words such as "common prosperity" and "struggle", experts fear the Chinese Communist Party's economic approach could send the country backwards and cause more headaches for the global economy. Key points: Xi Jinping mentioned "security" or "safety" more times than at the last National Congress, while use of the word "reform" …

Chink in Xi Jinping's armour: Economy ‘trouble’ and China's plan
2 years, 2 months ago

Chink in Xi Jinping's armour: Economy ‘trouble’ and China's plan

Hindustan Times  

Development remains China’s top priority, Xi Jinping said on Sunday during a speech at the opening session of the 20th Chinese Communist party's congress adding that reforms will be made in the direction of a socialist market economy. Xi Jinping said that China must focus on high-quality development which should include work safety, supply chain resilience and the “dual circulation” …

Xi Jinping | The princeling’s next decade
2 years, 2 months ago

Xi Jinping | The princeling’s next decade

The Hindu  

When Xi Jinping ascends the stage of the Great Hall of the People in Beijing on Sunday morning to open, for a second time, the ruling Communist Party’s once-in-five-year congress, his appearance was meant to have been his last. Mr. Xi was born to “red royalty”, and like fellow princelings, as the children of the revolutionary leaders who were Mao’s …

Xi Jinping's power in China grows after unforeseen rise to dominance
2 years, 2 months ago

Xi Jinping's power in China grows after unforeseen rise to dominance

The Hindu  

When Xi Jinping came to power in 2012, it wasn't clear what kind of leader he would be. "He is not coming out looking weaker.” He has already amassed and centralized power over the past 10 years in ways that far surpass his immediate predecessors, Hu Jintao and Jiang Zemin, and even rival the Communist Party's two other dominating leaders …

Xi’s economy sees ‘beautiful life’ in China nationalism, control
2 years, 2 months ago

Xi’s economy sees ‘beautiful life’ in China nationalism, control

Al Jazeera  

Chinese President Xi Jinping is presiding over a new era that prioritises political control over economic development. “The people’s yearning for a good and beautiful life is the goal we must strive for.” Now, Xi, who looks set to secure an unprecedented third term at the 20th CPP Congress that begins on Sunday, faces the task of delivering rising living …

Xi Jinping all set to rewind China's clock back to 'one leader rule' of Mao era
2 years, 2 months ago

Xi Jinping all set to rewind China's clock back to 'one leader rule' of Mao era

The Hindu  

China's ruling Communist Party is set to slide back to its founder Mao Zedong's era soon as President Xi Jinping is set to break the decades-old 10-year term rule to cling in power and perhaps for life, amid mounting pressure from the U.S.-led West against Beijing's aggressive quest to become a dominant world power. Mao's successor, Deng Xiaoping, who earned …

Real-estate debt, crackdowns and COVID policies throw a spanner in China’s economy
2 years, 2 months ago

Real-estate debt, crackdowns and COVID policies throw a spanner in China’s economy

The Hindu  

There are only a few workers today manning the whirring conveyor belts at the “intelligent logistics park” of the $100 billion Chinese e-commerce giant JD.com, which together with Alibaba dominates the world of Chinese online retail. JD’s recently accelerating push towards automation presents a snapshot of the state of China’s economy, as the country’s leadership pushes forward with ambitious plans …

As China's economy teeters under COVID-19 and housing market in meltdown, President Xi Jinping looks set to become permanent ruler
2 years, 2 months ago

As China's economy teeters under COVID-19 and housing market in meltdown, President Xi Jinping looks set to become permanent ruler

ABC  

By this time next week, China's President Xi Jinping will be well on the way to securing a stunning personal victory. After a decade of leading the world's second-largest economy, lifting China's global influence and positioning the country as a military superpower, Xi next week will cement his own destiny by securing a historic third term as general secretary of …

Why is Xi Jinping doubling down on a ‘zero-Covid’ policy that is causing massive economic distress and public anger in China?
2 years, 7 months ago

Why is Xi Jinping doubling down on a ‘zero-Covid’ policy that is causing massive economic distress and public anger in China?

Firstpost  

China has entered a period of deep economic distress. In the struggling real estate sector that is battling increased regulatory pressure to go with the effects of China’s ‘dynamic zero-Covid’ policy, housing sales fell by more than 40 per cent year-on-year in April while revenue from land rights — a crucial source of earning for local governments — nosedived 38 …

China’s Xi calls on nations to secure global supply chains
2 years, 11 months ago

China’s Xi calls on nations to secure global supply chains

Al Jazeera  

Leader of world’s No. Chinese President Xi Jinping called on nations to secure global supply chains and prevent inflation shocks, as the leader of the world’s No.2 economy seeks a smooth path to clinching a precedent-defying third term in power. “They would present challenges to global economic and financial stability, and developing countries would bear the brunt of it.” On …

Five perspectives on where Chinese economy is heading under Xi's thought
3 years ago

Five perspectives on where Chinese economy is heading under Xi's thought

China Daily  

People take photos at the Bund in Shanghai on July 21, 2021. A look into Xi's economic thought may help China watchers better understand the goals of China's development and how the country prepares to achieve them. BETTER LIFE To understand the objectives of China's economic governance, one must understand the phrase "principal contradiction." In a pivotal CPC meeting presided …

China's economy slows as Beijing wrestles with debt
3 years, 1 month ago

China's economy slows as Beijing wrestles with debt

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Beijing “doesn’t want growth at …

The Evergrande crisis and how Xi is remaking China's economy | In Focus podcast
3 years, 2 months ago

The Evergrande crisis and how Xi is remaking China's economy | In Focus podcast

The Hindu  

In this episode, we go deep into the crisis at Chinese real estate giant Evergrande and examine the reasons and fall-out. Are there likely wider ramifications for China's economy, as well as for countries, including India, which counts on China as its largest trading partner with a trading relationship predicated on continued Chinese appetite for commodities? What do the Evergrande …

Xi Jinping chases 'rejuvenation of the great Chinese nation' with control of tycoons, society
3 years, 3 months ago

Xi Jinping chases 'rejuvenation of the great Chinese nation' with control of tycoons, society

Firstpost  

Beijing has launched anti-monopoly and data security crackdowns to tighten its control over internet giants, including e-commerce platform Alibaba Group and games and social media operator Tencent Holdings Ltd Beijing: An avalanche of changes launched by China’s ruling Communist Party has jolted everyone from tech billionaires to school kids. Since taking power in 2012, Xi has called for the party …

How Deng Xiaoping set China on a path to rule the world
3 years, 5 months ago

How Deng Xiaoping set China on a path to rule the world

ABC  

Deng Xiaoping could lay claim to being the most significant political leader of the latter part of the 20th century, and one whose legacy continues to expand. Historians may well come to regard Deng's nanxun as not simply his last hurrah, but his most enduring contribution to China's surging power and influence. Deng's various slogans, such as "to get rich …

China CCP anniversary: how Xi has combined Maoist discipline with high tech totalitarianism
3 years, 5 months ago

China CCP anniversary: how Xi has combined Maoist discipline with high tech totalitarianism

The Independent  

China’s Communist Party celebrated the centenary of its founding on Thursday, as Chinese President Xi Jinping delivered a speech warning off foreign forces from trying to “bully” China. “This is their usual tactic as they rely on distorted history and disinformation to construct their political image.” A mixture of old and new tactics to rule Xi Jinping, viewed by many …

China struggles to suppress bubbles in markets awash with money
3 years, 6 months ago

China struggles to suppress bubbles in markets awash with money

Live Mint  

China’s battle to maintain order in financial markets is getting tougher as money floods into everything from commodities to housing and stocks. Targeted intervention is likely to weigh on pockets of China’s financial markets as the Communist Party seeks to avoid volatility in the run up to the July 1 centenary of its founding. The CSI 300 Index of stocks …

The West's leadership failure on coronavirus is only helping China usurp it
3 years, 9 months ago

The West's leadership failure on coronavirus is only helping China usurp it

ABC  

So, Xi Jinping has eradicated poverty. What Communist revolutionary hero Mao Zedong started, Deng Xiaoping, as China's leader, built on, by opening China to the world and kickstarting its economy. In a head-to-head match up with the United States — a country devastated by COVID-19, racially divided, opioid-addicted, ravaged by gun crime, with a seething, disenfranchised underclass, and reeling from …

Xi hails China's economic growth despite pandemic setback
3 years, 11 months ago

Xi hails China's economic growth despite pandemic setback

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy China has made major progress …

Yearender 2020 | Xi Jinping tightens grip on China
4 years ago

Yearender 2020 | Xi Jinping tightens grip on China

The Hindu  

A year that began in China with the country’s leadership facing searching questions about its handling of a new pandemic that struck the city of Wuhan ends with President Xi Jinping firming up his political control. In March, a prominent former real estate tycoon with close Party links, Ren Zhiqiang, penned a searing essay directly criticising Mr. Xi’s leadership. Strong …

Chinese President Xi Jinping Warns 'Period of Turbulent Change' as External Risks Rise
4 years, 3 months ago

Chinese President Xi Jinping Warns 'Period of Turbulent Change' as External Risks Rise

News 18  

Chinese President Xi Jinping warned that the world’s second-biggest economy is facing a period of ‘turbulent change’ and that rising external markets risk required policymakers to increasingly rely on domestic demand to spur growth. The five-yearly economic blueprint is expected to be unveiled in the annual parliament meeting next year, and Xi said China must be prepared for “a period …

Cornered yet aggressive: Chinese diplomacy Xi Jinping style
4 years, 5 months ago

Cornered yet aggressive: Chinese diplomacy Xi Jinping style

India Today  

China has retaliated against the United States by ordering the closure of an American consulate on its land. This placed Xi Jinping at par with the founder of Communist China Mao Zedong, or maybe even above Mao himself, given the economic and military prowess of China and global ambition of Xi. Many China observers believe that the communist regime is …

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