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Rollback of Xi Jinping’s Economic Campaign Exposes Cracks in His Power
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wsj.comLast year, President Xi Jinping seemed all but invincible. Now, his push to steer China away from capitalism and the West has thrown the Chinese economy into uncertainty and exposed faint cracks in his hold on power.
Chinese policy makers became alarmed at the end of last year by how sharply growth had slowed after Mr. Xi tightened controls on private businesses, from tech giants to property developers. Meanwhile, China’s stringent Covid lockdowns, part of Mr. Xi’s approach to handling the crisis, have ramped up again as Covid cases surge, hurting both consumer spending and factory output.
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