BEIJING (BLOOMBERG) - The Pearl River Delta industrial belt has served as one of China's most important growth engines since the Communist Party opened the economy four decades ago, propelling its rise to become one of the world's leading powers.. Read more at straitstimes.com.
BEIJING - The Pearl River Delta industrial belt has served as one of China's most important growth engines since the Communist Party opened the economy four decades ago, propelling its rise to become one of the world's leading powers.
The widespread struggle to earn cash risks turning into a big political problem for Chinese President Xi Jinping. The country faces strong internal pressures to deliver economic gains to the nation's 1.4 billion people. And Mr Xi in particular has zeroed in on income levels as a key source of its overall legitimacy to govern.
Anger over the initial response earlier this year - amplified by the death of a doctor who was reprimanded for speaking out about the virus - propelled"I want freedom of speech" to become the top-trending hashtag on Weibo. What's worse, only a small fraction of those are actually claiming welfare benefits due to a cumbersome application process and a meagre amount of funds available.
Now China's most powerful leader in decades, Mr Xi recognises the risks facing him as he maneuvers to extend his time in power beyond 2022 after doing away with term limits. For months, he's warned that the virus might pose a risk to"social stability" in China. In the provincial capital of Guangzhou, small business fronts were plastered with signs posted by renters seeking to sublet commercial spaces or even sell their businesses altogether. In one area called the Yinggao Trade City, most business units sat shuttered as international buyers stayed away and overseas demand plummeted.
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