Category: The Economist

IN MARCH LAST year China’s leader, Xi Jinping, paused at the door of the Kremlin. Before bidding farewell to Vladimir Putin, he offered him a final thought. Using the phrase bainian bianju, shorthand for what China views as a historic change in the world order, Mr Xi said: “Let us promote it together.” On May 16th the two leaders met for the 43rd time. Russia has become an ever more important partner in China’s push against American might. Economic ties have been growing stronger and there are signs of deepening…

IN THE EARLY stages of China’s history as a communist state, the Soviet Union was often referred to as Sulian dage, or Soviet big brother. China relied on it for weapons, funding and political support. In many ways the roles have now reversed. Russia’s president, Vladimir Putin, is expected to meet his Chinese counterpart, Xi Jinping, this month in Beijing. China has been accused of propping up Mr Putin’s war machine. The Economist

SINCE CHINA re-embraced capitalism decades ago, rich rewards have flowed to entrepreneurs who understand what the Communist Party wants. Today grasping what the party dislikes may be a more precious skill. This is an era when leaders’ priorities can change overnight. When the winds turn, entrepreneurs need to curb their ambitions without complaint. The Economist

THE POPULATION of Serbia is less than one-third of Beijing’s. China’s trade with the Balkan country is less than one-fortieth of that with Germany. Yet for China’s ruler, Xi Jinping, Serbia is important. It is a rare close friend on a continent where wariness of China has become the norm. And the country’s capital, Belgrade, witnessed a seminal moment in the evolution of Chinese nationalism. Twenty-five years ago American bombs hit the Chinese embassy there, killing three people. On his first visit to Europe since 2019 Mr Xi held talks…

Since covid-19 emerged over four years ago in the central city of Wuhan, the Communist Party has made life miserable for those seeking to study the disease and share their findings with the world. Take Zhang Yongzhen, a Chinese virologist whose team sequenced the genome of the virus that causes covid in early 2020. Days later he granted permission for a British scientist to publish the groundbreaking work. This allowed the world to design covid tests and begin developing vaccines. But to party officials, hell-bent on deflecting blame for their…

Employees of the Industrial and Commercial Bank of China (ICBC), a giant state-owned lender, typically wear suits. But some are now slipping into combat fatigues. On April 19th an ICBC branch in the western province of Qinghai said it had organised some of its staff into a part-time militia. As well as uniforms, they have training facilities, a “command centre” and a warehouse for storing military equipment. ICBC wants to “contribute its strength towards national defence”, the manager of the branch told local media. The Economist

CHAIRMAN MAO ZEDONG was a fan of meetings. “Whenever problems arise, call a meeting,” he wrote in 1949. “Place problems on the table.” Otherwise, he warned, they can drag on for years. A tableful of problems now beset China’s economy, including deflation, debt distress and demographic decline. A property slump has eroded confidence and hurt the land sales that help finance local governments. China also faces growing opposition from trading partners, who are limiting what they sell and buy from a country they now count as a geopolitical rival. The…

MOST COUNTRIES have no desire to choose between China and America. But it is becoming clear that they might have to. The contest between the two powers is going global. This is an age of political turmoil, economic angst and rising barriers to trade. In Beijing and Washington leaders see opportunities to blame rivals in the other capital for making the chaos worse. The Economist

EARLIER THIS year, when the Iranian-backed Houthi rebels in Yemen were attacking commercial ships in the Red Sea, America approached China for help. In talks with their Chinese counterparts, American officials reportedly asked them to urge Iran to rein in the Houthis. Months later, after Israel struck the Iranian consulate in Syria, America again approached its biggest rival. This time it was said to have asked China to tell Iran not to retaliate. During crises like these China would seem a useful interlocutor. It has good relations with Iran. Last…

CHINA’S GOLD market, which accounts for about a fifth of global sales, used to attract an older crowd. Many buyers were middle-aged women looking to add to their nest-eggs or buy chunky bracelets. But these days Chinese gold shops regularly serve customers in their 20s. Xiaohongshu, a social-media site favoured by “Generation Z” (those born between 1997 and 2012), is buzzing with talk of the precious metal. Young people don’t have much spare cash. The youth-unemployment rate in cities is about 15%. Many companies are cutting salaries. So youngsters are…