/ 06 March 2023

Growth and power on China’s plate

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Delegates to China’s legislature and its top political advisory body are in Beijing for big annual meetings. And 2 issues are at the top of the agenda: the first will see President Xi Jinping’s control over business and society tighten, and the 2nd is reviving China’s struggling economy. So, just a couple of things… Yesterday, outgoing Premier Li Keqiang said the target for economic growth this year is 5%, up from 3% last year. China’s economy is struggling after delivering its second-weakest result since the 1970s, brought on by strict COVID restrictions, a wobbly property sector, a crackdown on the private sector, and weakening demand for Chinese exports. So, just a few things… During the next week and a bit, Xi’s choices to take up key government roles will be revealed after his epic power grab last year. One observer says he gets to pick the team he wants, but there’s “a danger of him being stuck in an echo chamber”. To be continued…

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