As XI Jinping gets ready to be installed for a historic third-term as the General Secretary of the Chinese Communist party, Beijing is facing a host of growing economic problems that are already cause for concern.
China's strict COVID-19 restrictions are not only increasingly putting pressure on social stability, but also taking a toll on the domestic economy. With major manufacturing and transportation hubs in lockdown, a real estate crisis, and the highest youth unemployment in decades, the growth rate of the world's second-largest economy is declining.
Wage increases could damage China's competitive advantage as a manufacturing and exporting superpower, which is already under pressure due to inflation in the U.S. and Europe caused by Russia's invasion of Ukraine. The fact is that China is currently the largest investor worldwide in renewable energy, followed by the U.S. This is where opportunities lie for the Chinese economy to support its growth model. Foreign ministry spokesperson Mao Ning recently told reporters that "the Chinese economy has strong resilience, ample potential, . . . and the fundamentals sustaining the sound growth of the Chinese economy, in the long run, will stay unchanged.
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