Xi Struggles to Sell Economic Vision Despite Consolidated Power
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Xi Jinping's consolidation of power has cleared the path for him to shift China's economy, but he's struggling to convince the nation it's a good idea. Economic protests have remained high amid a prolonged slowdown.
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Thousands of angry investors flooded social media with criticism of the government's economic handling recently. Comments even insinuated only new leadership could revive markets.
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Falling wages among civil servants who've seen bonuses slashed is risking support from the bureaucracy meant to implement Xi's vision. "The leadership needs to show us some hope," said one policeman.
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Xi has failed to communicate a clear roadmap for reaching his economic goals. The vague rhetoric around "high-quality development" lacks specifics.
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Xi's strict zero-COVID policy previously undermined confidence in China. His ability to suddenly reverse course shows he can pivot, but sudden policy turns usually carry significant costs.