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I’ve had a front-row seat for the past decade covering China because Xi had the opportunity to improve its economy, just as Chinese leaders did when they faced economic turmoil.
Meanwhile, Beijing has only half-addressed the disorders it had allowed to fester for years. As Xi consolidated his power, he took over private control of the economy, which in the past had been overseen by the Chinese premier, and surrounded himself with loyalists with limited experience in economic policymaking.
As clouds gathered over China’s economy earlier this year, a top Communist Party advisory group prepared a report for leaders in Beijing. He warned that China could fall into a deflationary spiral – the type of crisis that affected the United States during the Great Depression – if more urgent measures are not taken to revive growth.
Xi’s words and actions since the U.S. election have shown he isn’t backing down.
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