Xi Is Running Out of Time
How worried should observers be about China’s economy? As recently as midsummer, that seemed like an academic question geared to the long term. In recent months, observers who were already concerned were further dismayed whenever Beijing moved to reel in companies considered to be in the vanguard of the “sunrise industries” that China celebrated as the answer to future competitiveness, growth, and jobs. In response to fresh doubts about the wisdom of these policy campaigns, China’s private-sector entrepreneurs competed to demonstrate fealty to their leaders rather than complain, and many foreign investors waved away worries with the message that Chinese Communist Party (CCP) leaders knew what they were doing and should be trusted.
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