Just one day after Beijing ended its zero-COVID policy, and immediately following a meeting with leaders of the World Bank and the International Monetary Fund, Li Keqiang, a top official for the Chinese Communist Party, told reporters that China would welcome foreign investments and promote an…
and his diplomats had exhibited just weeks ago. What would prompt such an abrupt change in position? The answer is simple: China’s economy is in big trouble.
Further evidence of China’s grim economic prospects can be found in the Central Economic Work Conference, a meeting summarizing the state of China’s economy and establishing the priorities for economic efforts in 2023. According to the briefing, the biggest challenge for China's economy, beyond balancing epidemic prevention and control with economic development, is the lack of domestic demand.
In the face of low consumption, China resorts to old ways of increasing GDP: investments. In the past, these investments focused on infrastructure and real estate development. But with the real estate sector sinking and infrastructure in excess, China is now shifting the focus of these investments to the high-tech, digital, and newindustries. This shift will require time, and the West’s technology, to implement.
The question for the U.S. and the rest of the West is whether Xi’s gesture should be welcomed. Some might argue that if the Chinese Communist Party could become more open and tolerant, stabilizing its rule might be possible. But I would argue that we must learn from history and stop connecting the CCP’s economic reform and its decision to open up with a move toward freedom and democracy. We need to see instead that it is merely a stopgap measure in the midst of a crisis.
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