The view of several China watchers is that President Xi Jinping's focus on national security is restricting and working counter to the economic effort
threatening financial stability, there is growing unease over why its leaders are not rushing to revive the world’s second largest economy.
“The core problem this year is that the leadership has given vague, high-level instructions for officials to balance economic development against national security,” said Christopher Beddor, deputy director of China research at Gavekal Dragonomics. To be sure, change in China can take time, as demonstrated by its insistence on maintaining economically damaging COVID-19 restrictions through most of last year, even as the rest of the world opened up.
Economists say China needs measures to boost consumption and business confidence, such as tax cuts or government-funded consumption vouchers, but add that unlike previous slowdowns, there is no quick fix.“A small number of Western politicians and media amplify and hype up the temporary problems existing in China’s economic recovery,” foreign ministry spokesman Wang Wenbin told media on Wednesday, August 16.on Tuesday, August 15, fueled concern that China is heading for a deeper, longer slowdown.
One example was a recent anti-espionage law, accompanied by raids on some foreign consultancy firms, that sent waves of anxiety through the foreign business community. “What people are really hearing is ‘we’re open for business, but only on our terms’,” said Lee Smith, a trade attorney at Baker Donelson who previously worked at the US Department of Commerce on trade policies affecting business with China.
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