President Xi Jinping’s obsession with surpassing the U.S. is distorting his approach to growth and the pandemic. It puts economic health at risk, says petesweeneypro
With roughly five times the U.S. population and a powerful manufacturing sector, the world’s second-largest economy aspires to take the top spot. Momentum is in question, however. Although Chinese growth accelerated 4.8% in the first quarter while the United States contracted, President Xi Jinping nevertheless ordered officials to ensurein 2022, the Wall Street Journal reported. That would imply he’s worried China might not only miss its 5.
is driven by concerns that Americans might somehow steal sensitive data. Officials are willing to risk a recession to eliminate Covid-19 within the borders to show up American epidemiological incompetence. Endorsing Vladimir Putin’s invasion of Ukraine will hurt local companies, butjustify the sacrifice by arguing Moscow’s support is necessary to prevent Washington from “splitting China into puzzle pieces”.
At the same time China’s most pressing problems – a sagging birthrate, falling productivity, a wasteful state sector – are not byproducts of American hegemony, nor can they be outgrown. Competition is healthy, but insecurity is a tax.CONTEXT NEWS
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