(also published in Straits Times https://www.straitstimes.com/opinion/national-security-eclipses-economics-in-xi-s-new-era) At the close of the 20th party congress, general secretary Xi Jinping said: “The Communist Party of China (CPC) is fully confident and capable of creating new and even greater miracles on the new journey of the new era.” The question is whether renewed rapid growth will be among the miracles Mr Xi aspires to.
"In the short run, containing the fall-out of the property crisis and finding an exit from the current shape of the dynamic zero Covid policy are crucial to reviving growth".
Outside Western media, there is no property crisis beyond some developers overshooting market demand. With 200,000,000 rural people waiting to move to cities, the imbalance will correct itself.
As to dynamic zero, after three years of Covid, 90% of Americans AND Chinese have not been locked down, and US GDP has grown 3.4%, with 1,000,000 Covid deaths and 3,000,000 Long Covid invalids
China's GDP has grown 13.8%, with 7,000 deaths and 38,000 Long Covids. No economy on earth comes close to that performance.
A readout of the 20th Party Congress of the Communist Party of China
"In the short run, containing the fall-out of the property crisis and finding an exit from the current shape of the dynamic zero Covid policy are crucial to reviving growth".
Outside Western media, there is no property crisis beyond some developers overshooting market demand. With 200,000,000 rural people waiting to move to cities, the imbalance will correct itself.
As to dynamic zero, after three years of Covid, 90% of Americans AND Chinese have not been locked down, and US GDP has grown 3.4%, with 1,000,000 Covid deaths and 3,000,000 Long Covid invalids
China's GDP has grown 13.8%, with 7,000 deaths and 38,000 Long Covids. No economy on earth comes close to that performance.