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I’ve had a front-row seat for the past decade covering China because Xi had the opportunity to improve his economy, just as China’s leaders did when they faced economic turbulence.
Meanwhile, Beijing has only half-addressed the unrest it had allowed to fester for years. As Xi consolidated his power, he took over private control of the economy, which had in the past been overseen by the Chinese prime minister, and surrounded himself with loyalists with limited experience in making economic policy.
As clouds gathered over China’s economy earlier this year, a key Communist Party advisory group prepared a report for leaders in Beijing. He warned that China could fall into a deflationary spiral, the kind of crisis that hit the United States during the Great Depression, if it becomes more urgent. No measures were taken to revive growth.
Xi’s words and moves since the U. S. election have shown that he is backing down.
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