"Zero-COVID Is The Least Of Xi’s Economic Problems" - By CWP Alum Zongyuan Zoe Liu

Xi Jinping formally secured an unprecedented third term as head of the Chinese Communist Party (CCP) at the recent 20th Party Congress. The replacement of pro-reform thinkers such as Wang Yang with Xi loyalists on the seven-man Politburo Standing Committee—the apex of China’s political power—casts a shadow on the trajectory of the Chinese economy and China’s economic relations with the rest of the world. The removal of Hu Jintao, the last Chinese leader personally chosen by Deng Xiaoping, at the closing ceremony signaled an end to China’s four-decade movement toward reform and opening up, initiated by Deng in the late 1970s. The market welcomed Xi’s new term with a meltdown on his first day, with Chinese stocks in Hong Kong tumbling by the most since 2008 and the yuan weakening to a 14-year low.

By Zongyuan Zoe Liu, a fellow for international political economy at the Council on Foreign Relations.

NOVEMBER 1, 2022, 12:31 PM - https://foreignpolicy.com/2022/11/01/zero-covid-china-economic-problems-demographics/

Zongyuan Zoe Liu is a fellow for international political economy at the Council on Foreign Relations (CFR). Her work focuses on international political economy, global financial markets, sovereign wealth funds, supply chains of critical minerals, development finance, emerging markets, energy and climate change policy, and East Asia-Middle East relations. Dr. Liu’s regional expertise is in East Asia, specifically China and Japan, and the Middle East, specifically Gulf Cooperation Council countries. Dr. Liu is the author of Can BRICS De-dollarize the Global Financial System? (Cambridge University Press) and Sovereign Funds: How the Communist Party of China Finances its Global Ambitions (Harvard University Press, forthcoming 2023).

Photo Credit: https://pixabay.com/users/3844328-3844328/