China’s president, Xi Jinping, acknowledged in his new year’s message that “some enterprises had a tough time” in 2023 as data showed a weakening of factory production deepened this month, but he vowed to step up the pace of the economy’s recovery.
Speaking on TV, Xi said: “Along the way, we are bound to encounter headwinds. Some enterprises had a tough time. Some people had difficulty finding jobs and meeting basic needs.”
The Chinese leader also reiterated his intention to annex Taiwan, a self-governing democracy which Beijing claims is a Chinese province, saying it will “surely be reunified”.
The world’s second-biggest economy’s recovery remains sluggish, held back by a severe property slump, lacklustre global demand and record youth unemployment. Evergrande, once China’s biggest developer, has embarked on a painful debt restructuring process, while Country Garden, its main rival, defaulted in October.
Late stage capitalism is hitting China too. Yup for the uninformed China is a capitalist dictatorship that just says it’s communist. China has the fastest growing billionaire and millionaire class in the world, China has one billion people living in poverty, and China doesn’t have elections. If you know anything about Socialism, Communism, and Capitalism China’s economy and politics is closer to a Capitalist Dictatorship than any other form of government.
Unfortunately it’s not going to stop ill-informed Americans from sneering “yeah, how’s that communism going for CHEEYIANAH” if you mention Medicare for all