Today: 23 June 2025
5 November 2022
2 mins read

‘Economy ceased to be priority area of Xi’

The complete focus during the 20th party congress was seen shifted to politics, hyper-nationalism and military expansion…reports Asian Lite News

Chinese economy has ceased to become a priority area for Chinese President Xi Jinping’s administration as was reflected in the 20th Congress of the Chinese Communist Party, media reports said.

Firstly, Xi’s government delayed releasing the economic data. The complete focus during the 20th party congress was seen shifted to politics, hyper-nationalism and military expansion, reported the Financial Post.

According to Ting Lu, a China economist chief said, “The actual economic recovery momentum is not strong.” The Chinese economy is also facing the brunt of harsh COVID lockdowns and restrictions.

The scenario of the Chinese economy has become upside down after the pandemic. Before the pandemic, the Chinese economy grew by 7.7 per cent on average each year, however, there are concerns that China may not be able to reach 3 per cent annual growth now, reported Financial Post.

Furthermore, to compete with the US, China must clock at least 5 per cent growth if it wants to displace the US from the rank one. The reasons for China’s growth trajectory derailment are poor productivity, weakening human resource power, and burgeoning debt.

This will lay a negative impact on China’s aspirations as an economic, diplomatic and military superpower. Alex Brazier and Serena Jiang, economists at investment firm Blackrock have highlighted that the boost in the Chinese economy received in recent years is slowly dying down.

They said, “Losing that huge growth driver will make maintaining overall economic growth quite the challenge.” The third term of Xi Jinping started off with fever-pitch nationalistic sentiments where Xi Jinping vowed to make China the most powerful country. However, the country appears to be losing steam on the economic front.

For instance, China’s exports are declining, industrial output plummeting, and strict lockdowns affecting businesses. The country’s elites are also leaving China. China’s highhandedness in dealing with the pandemic management is adding to the economic problem.

Another thing is how China’s international coercive policies, especially China’s aggressiveness on Taiwan and other neighbours. All of this has made China less popular during Xi’s regime, reported The Financial Post.

Lisheng Wang, an economist at Goldman Sachs, said “China’s fiscal conditions have faced significant challenges since spring this year, from the sharp contraction in land sales, large-scale tax rebates and deferrals, and more spending on Covid controls.”

China’s GDP growth for the third quarter was restricted to under 4 per cent, indicating an economic slowdown. Julian Evans-Pritchard, senior China economist at Capital Economics, said “There is no prospect of China lifting its zero-COVID policy in the near future, and we don’t expect any meaningful relaxation before 2024.”

Highlighting negative growth of 1.1 percentage points in exports in 2022 and 2023, experts said, “Losing that huge growth driver will make maintaining overall economic growth quite the challenge.” (ANI)

ALSO READ: Pakistan eyes $13bn package from China, Saudi Arabia

Previous Story

US should prove ‘real will’ in nuke talks, says Iran

Next Story

33 years of climate actions by UAE to protect planet Earth

Latest from -Top News

Fresh Israeli Raids Hit Iran

The strikes came shortly after Iran fired a missile at Israel before dawn and triggered air raid sirens across much of the country….reports Asian Lite News Israel conducted a new wave of

Netanyahu: Iran Goals Near

Netanyahu pledged not to let Israel get dragged into a “war of attrition” with Tehran…reports Asian Lite News Israeli Prime Minister Benjamin Netanyahu claimed on Sunday that Israel is “very close” to

Khamenei Vows Payback

Calling the attacks “a big crime,” Khamenei warned of retaliation….reports Asian Lite News Iran’s Supreme Leader Ayatollah Ali Khamenei on Monday, in his first reaction following the US strikes on Iranian nuclear

US committed great crime: Iran

Iran has now called for an emergency meeting of the UN Security Council and demanded the IAEA Board of Governors address the situation….reports Asian Lite News Iran has strongly condemned the United

Strike Iran, Face Us, Houthis warn US

The Yemen-based Houthi group, which controls much of northern Yemen, has been targeting Israel since November 2023…reports Asian Lite News Yemen’s Houthi group issued a stark warning on Sunday, declaring they would
Go toTop

Don't Miss

Myanmar-China Trade Hit By Conflict

Since the start of a major anti-junta offensive late last

PLA eyes new military bases across Indo-Pacific

Beijing is hardly content to limit its military basing pursuits