The economy of China is going through one of its most delicate moments after the coronavirus pandemic and the world situation, which maintains its stagnant growth and delayed recovery.
This was exposed by the latest data released by the Beijing regime with a youth unemployment record, growth of only 3.7% of the Industrial productionan increase of just 2.5% year-on-year retail sales and predictions of great difficulties to achieve the growth target of the 5% set for this 2023.
In the eyes of the president of the United States Joe Bidenone of “time bomb”.
“After the smooth transition of epidemic prevention and control, China’s economic recovery is a wave development and a tortuous process who will inevitably face difficulties and issues”, recognized this Tuesday the spokesman for the Ministry of Foreign Affairs, Wang Wenbin.
However, at the same time as this news, some declarations of Xi Jinpingin an attempt to bring calm to the population and the world.
The official medium quishi released a speech delivered by the party leader on February 7, after being ratified for a third term, in which he already anticipated a worse performance than expected in economic matters but asked patience and resilience on this road to “national rejuvenation”.
“At a time when an economic crisis looms, the party wants to paint a rosy picture for reassure people that the goals Xi has set are realistic and that China’s path is unique and better than the West’ssaid Alfred Wu Mulan, an associate professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore.
In his address, the leader of Beijing referred to this period like one transitional to a “common prosperity” -a “long-term mission”-, for which, despite being simpler, China ‘cannot just take the beaten path’.
That is why he asked people not to be distracted by the numbers that come out periodically but, on the contrary, to keep their attention on achieving the progress and sustainability of the country.
“We must be patients (with a historical perspective) and move forward firmly”, collected the medium of the speech in which the president reiterated his main initiatives to promote the growth and modernization of the country: the green economy and the defense of socialist values, among others. .
However, the CCP leader acknowledged that this will not be an easy task and, on the contrary, there will be a series of difficulties and setbacks that they will inevitably have to face.
For example, due to its large size and the diversity of its areas and social structures, the modernization in China it will be complicated. “We must take into account the population size and the large gap between rural and urban development. We cannot be ambitious and unrealistic, ”he said already in February.
In this sense, he continued explaining that “a super large population can provide labour enough and a Internal market super big” but, at the same time, “it is quite a challenge guarantee food of 1,400 million people”, as well as “employment, distribution (of wealth), education, health, housing, care for the elderly and children”.
“All of them are not easy to solve (issues) and affect an astronomical number of people,” he added.
Another aspect highlighted by Xi in his speech was the middle income trapwhich leaves countries stagnant and prevents them from reaching the high income level.
“Some developing countries have almost reached the threshold of developed countries in their modernization process but have fallen into the middle income trap and have been stuck for a long time or have even regressed substantially,” he warned of many nations. of Westwhich he accused of maximize the interests of capitalists and give rise to warsthe slaverythe colonization and the exploitation”.
He specified that this was due to his inability to resolve social polarization and stratification, which explains his request for patience and perseverance in this process, in order to make it incipient but with continuous and effective progress.
Lastly, the Chinese leader alluded to the widespread flooding, the low birth rate and the rapid aging of society, issues still to be resolved.
In any case, the business sector -both local and foreign- has been suspicious of this initiative for prosperity as they fear that the regime will suppress their activities, despite their denials.
And the truth is that, despite the messages in a hopeful tone and the cuts in interest rates announced the day before, the economic indicators have revealed that the slowdown in the country, the drop in sales and production, unemployment and low real estate investment will not be reversed so easily.
Keep reading:
Why is the Chinese economy faltering?
China stopped publishing youth unemployment figures amid disappointing indicators and record levels
A new economic era begins in China: it may never become a rich country
Source-www.infobae.com