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What’s important to Chinese President Xi Jinping?
Judging by the outcomes of his helmsmanship, it sure isn’t his nation’s economic performance.
A decade under Xi has resulted in a dangerously out-of-balance Chinese economy – in asset bubbles, and in unsustainable debt.
State-led growth works for a while, but its costs eventually make themselves clear. So clear, in fact, that rating agency Moody’s Investors Service cut its outlook on China’s sovereign credit rating from stable to negative last week. China has capped out its growth model — and is beginning to pay the price for it.
In recent years, Xi has become more assertive in economic affairs.
As a result, said Zongyuan Zoe Liu recently in Foreign Affairs, Xi has damaged China’s prospects.
Continue reading the entire piece here at the New York Post
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Jordan McGillis is a Paulson Policy Analyst at the Manhattan Institute.
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