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https://theconversation.com/chinas-economy-took-centre-stage-in-xis-new-year-address-spinning-slow-growth-as-a-remarkable-achievement-246654>
"Chinese president Xi Jinping delivered his annual televised new year address
on December 31, and commentators have been quick to share their interpretation.
Some have emphasised Xi’s passing reference to Chinese reunification as a
threat against Taiwan. Others have focused on Xi’s comments about China’s
economy, framing them as a fearful reaction to Donald Trump’s reelection as US
president.
However, these accounts miss the bigger picture. Xi’s new year address speaks
to the increasing insecurity of the Chinese Communist party’s (CCP) grip on
power. This insecurity is evident in how Xi’s comments, supported by the
party’s control of Chinese media, attempted to gaslight the Chinese people.
The mainstay of Xi’s address concerned the economic success of China. He
stressed that the Chinese economy is thriving, and explained that China’s total
GDP is soon expected to surpass 130 trillion yuan (£14.3 trillion). This
equates to a 4.9% increase in GDP over the course of the last 12 months.
Reports on Xi’s address in the Chinese media have taken this a step further.
China Daily, the official CCP-owned newspaper often used to communicate the
party’s position to the Chinese people, praised Xi’s “heartening speech” and
stressed the impressiveness of China’s “remarkable” growth rate. An article
published on January 1 explained that other developed economies struggled to
average rates of 1.5%.
Omitted from the positive economic commentary of Xi’s address is the reality
that China’s economic growth has slowed, falling from 5.2% in 2023. Although a
growth rate of 4.9% is impressive relative to other developed economies, it is
disappointing within the context of Chinese economic growth. China achieved
annual growth rates of over 10% in the 2000s, with GDP even growing by around
13% in some years.
One year ago, in his 2024 address, Xi acknowledged the challenges facing the
Chinese economy. He promised economic interventions that would accelerate
growth and promote job creation to tackle worrying rates of youth unemployment.
However, despite these interventions, China’s economic growth continues to slow
and youth unemployment remains high."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
