Xi Jinping Faces an Economic Test of Will in 2024
null By Joseph C. SternbergJan. 4, 2024 6:14 pm ETJournal Editorial Report: Best guesses of what's to come from Kim Strassel, Bill McGurn and Dan Henninger. Images: AP/AFP/Getty Images Composite: Mark KellyIf the most important development of 2024 will be the wave of elections sweeping the democratic world, the second-most important story to watch is China’s economy. It boils down to two questions: What is it that has steeled Xi Jinping’s nerve to drive China into this—possibly necessary—economic turmoil, and can he keep his resolve over the next 12 months?The deterioration of the Chinese economy is, perhaps surprisingly for anything involving China, reasonably well understood. The country has never recovered from the twin shocks of a Beijing-induced property-market slowdown and the draconian (and failed) zero-Covid policy of the pandemic era. Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8About this articlePolitical Economics“Political
Jan. 4, 2024 6:14 pm ET
If the most important development of 2024 will be the wave of elections sweeping the democratic world, the second-most important story to watch is China’s economy. It boils down to two questions: What is it that has steeled Xi Jinping’s nerve to drive China into this—possibly necessary—economic turmoil, and can he keep his resolve over the next 12 months?
The deterioration of the Chinese economy is, perhaps surprisingly for anything involving China, reasonably well understood. The country has never recovered from the twin shocks of a Beijing-induced property-market slowdown and the draconian (and failed) zero-Covid policy of the pandemic era.
Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
About this article
Joseph C. Sternberg is a member of the Journal's editorial board and the Political Economics columnist. He joined the Journal in 2006 as an editorial writer in Hong Kong, where he also edited the Business Asia column. He is author of "The Theft of a Decade: How the Baby Boomers Stole the Millennials' Economic Future," examining the consequences of the Great Recession.
Previously he worked as a journalist in Washington, D.C. Raised in Vermont, Mr. Sternberg is a graduate of The College of William and Mary in Williamsburg, Va
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