China’s race for growth is fading. So too is its dream of middle-class security.

The Guardian ^ | Sun 23 Jul 2023 | Rana Mitter

[anthropocene_x]

China’s economic recovery seems to have stalled, and the CCP’s standing at home still depends on Xi Jinping’s government creating a “Chinese dream” of a middle-class lifestyle. The end of Covid restrictions, just eight months ago, seemed to mark the start of a powerful bounceback in consumption; travel agencies were besieged by people booking holidays they had been denied for nearly three years. But in the past few months there have been more worrying signs. Youth unemployment is growing: about one in five of China’s 16- to 24-year-olds were unemployed in June. Many university graduates have had to take jobs as delivery drivers because no professional jobs are available, and social media is awash with images of hard-earned but seemingly useless degree certificates.

China is laying traps for itself. “Security” has become the key political term: the word anquan has the double meaning of “safety” in Chinese, giving it a reassuring ring. Yet the term covers a wide range of issues, not just traditional military or national security, but economic and even cultural security. Press reports about the huge debts of local governments have been censored and journalists threatened with prosecution for endangering financial stability.

[ifinnegan]

Yes 伍毫

Nice boilerplate from United Front bureau.

[wgmalabama]

China’s debt has always been difficult to calculate. The central bank offload lots of tasks to regional banks. That debt has lies built on a corruption of lies and graft. China is done. They are dead but will be zombies for 10-15 yeats or it could collapse suddenly. When it does the state will have to brutally put down the people who go from working hard for some life to nothing in a sudden collapse.

[SunkenCiv]

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[Georgia Girl 2]

China got old before it got rich. They are never going to rule the world.

[GOPJ]

Xi is so much smarter than Biden... and so are his people. It’s too bad the communist system sucks. Put Xi in the top sport of a free Capitalist system and he would be amazing.

No one man can run all the complexities of a country - no matter how smart.

And no man, no matter how corrupt and stupid (as Biden) can take ours better system down.

Strange world.