Xi’s Costly Obsession With Security
China’s growth problem just got worse. That is the unmistakable conclusion that can be drawn from the 20th National Congress of the Chinese Communist Party (CCP).
For President Xi Jinping, the congress was a stunning success: he secured an unprecedented third term as CCP leader and eliminated any semblance of political competition. But that does not bode well for Chinese prosperity. Increasing autocracy is colliding with a dynamic economy, and something has to give.
That something is likely to be economic growth, which is now at risk. Between 1980 and 2020, the Chinese economy enjoyed an annual average growth rate of nine percent in real GDP.… Seguir leyendo »