Opinion China’s mixed economic blessing for the rest of the world
China is nearing a critical point in the re-opening of its economy and society after the abrupt U-turn in Xi Jinping’s response to the pandemic last month, when three years of draconian measures were shelved without notice or, it appears, much preparation.
The initial economic impacts of the re-opening last month were severe. Manufacturing and service sector activity fell to their lowest levels since the initial outbreak of the coronavirus in February 2020. In August 2020, in an attempt to rein in a debt-driven bubble in China’s property market, Xi introduced a “three red lines” policy that imposed strict limits on developers’ leverage.
The crack down on big tech and property companies was part of a shift in emphasis from the “trickle down” approach of Xi’s predecessors to his more socialist “common prosperity” redistributive policies. Now China is looking to those companies to help regenerate growth.
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