Analysis: China's Xi Jinping is poised to step into a third term in power. The biggest threat to his longevity could be himself.
China’s economy is faltering. Unemployment is skyrocketing. Endless Covid lockdowns are wreaking havoc on businesses and people’s lives. The property sector is in crisis. Ties between Beijing and major global powers are under strain. The list of problems faced by the world’s second-largest economy goes on – and many of those long-term challenges have only worsened under a decade of Xi Jinping’s rule. Yet the Chinese leader’s grip on power is unwavering.
Beijing claims the tougher regulations restrict overly powerful corporations and protect consumers, but the measures have suffocated private businesses, sending chills through the economy and sparking fears about future innovation. Beijing started clamping down on easy credit for property firms in 2020, which led to cash crunches and defaults for many developers, including giant conglomerate Evergrande.
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