Raja Krishnamoorthi
If the citizens of the People’s Republic of China (PRC) were asked, “Are you more hopeful for the future now than you were before Chairman Xi came to power?” the answer for most, if they were able to answer freely, would likely be a resounding “no.”
China’s economy is facing its gravest challenges since the Maoist era amid a collapse in public confidence. Growth has slowed, the unemployment rate is high, and the housing market is tumbling. But at the recent Third Plenum, a meeting of top Chinese Communist Party (CCP) officials held roughly every five years and centered on economic policy, President Xi Jinping made clear that he has decided to stay the course and is doubling down on state control of the economy. At the same time, Xi has been baselessly claiming that the economic reform goals set at 2013’s Third Plenum were met.
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