An increasingly autocratic government is making bad decisions
The economy grew at an annualised rate of just 3.2% in the second quarter, a disappointment that looks even worse given that, by one prominent estimate,may be growing at almost 6%. House prices have fallen and property developers, who tend to sell houses before they are built, have hit the wall, scaring off buyers. Consumer spending, business investment and exports have all fallen short.
During each episode, however, public and private debts mounted. So did doubts about the sustainability of theand whether new infrastructure was really needed. Today policymakers are in a bind. Wisely, they do not want more white elephants or to reflate the property bubble.
Why does the government keep making mistakes? One reason is that short-term growth is no longer the priority of the Chinese Communist Party . The signs are that Mr Xi believes China must prepare for sustained economic and, potentially, military conflict with America. Today, therefore, he emphasises China’s pursuit of national greatness, security and resilience. He is willing to make material sacrifices to achieve those goals, and to the extent he wants growth, it must be “high quality”.
Belgique Dernières Nouvelles, Belgique Actualités
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