BEIJING — For much of last year, China’s top leader, Xi Jinping, waged a fierce campaign to rein in private capital and narrow social inequalities. Regulators cracked down on tech giants and wealthy celebrities. Beijing demanded that tycoons give back to society. And the Communist Party promised that a new era of “common prosperity” was on the horizon. Now, the Communist Party is putting its campaign on the back burner. In doing so, Beijing is tacitly acknowledging that Mr. Xi’s push to redistribute wealth has unnerved the private sector —…
Tag: Economic Conditions and Trends
Globalization Is Over. The Global Culture Wars Have Begun.
Next, I’m describing a world in which divergence turns into conflict, especially as great powers compete for resources and dominance. China and Russia clearly want to establish regional zones that they dominate. Some of this is the kind of conflict that historically exists between opposing political systems, similar to what we saw during the Cold War. This is the global struggle between the forces of authoritarianism and the forces of democratization. Illiberal regimes are building closer alliances with one another. They are investing more in one another’s economies. At the…
Europe Asks China Not to Aid Russia’s War in Ukraine
BRUSSELS — The European Union on Friday called on China not to aid Russia’s war against Ukraine or to subvert Western sanctions on Moscow, in the first summit meeting between the two sides in two years. The summit, in separate sessions with Beijing’s leaders, Prime Minister Li Keqiang and President Xi Jinping, came as tensions were high over Beijing’s support for Russia’s war in Ukraine, China’s record on human rights and its trade boycott of Lithuania for hosting a representative office of Taiwan. Europe-China relations have essentially been in a…
Covid, Russia and Economy Put the ‘China Model’ to the Test
A year ago, while many countries were still reeling from Covid-19, China seemed to be one of few places prospering through the pandemic. It was also the only major economy that reported growth in 2020. Global investors were bullish on Chinese stocks even as Beijing’s regulatory crackdown on its private sector became more like a political campaign. That led some people in China to argue that its one-party authoritarian rule offered a compelling alternative to traditional liberal democracy. The United States was declining politically and economically, they said, and the…
Imran Khan, Pakistan’s Prime Minister, Fights for Survival
ISLAMABAD, Pakistan — Prime Minister Imran Khan of Pakistan is fighting for his political survival after opposition political parties have moved for a no-confidence motion in Parliament and the country’s powerful military has withdrawn its support for his government. Mr. Khan, the former cricket-star-turned-politician, has announced plans to gather a million supporters in Islamabad, appealed to the Supreme Court to disqualify lawmakers who have defected from his party and denounced his critics as part of an American-influenced conspiracy. But as demands for his resignation mount, critics and analysts say he…
Russia Asked China for Military and Economic Aid for Ukraine War, U.S. Officials Say
WASHINGTON — Russia asked China to give it military equipment and support for the war in Ukraine after President Vladimir V. Putin began a full-scale invasion last month, according to U.S. officials. Russia has also asked China for additional economic assistance, to help counteract the battering its economy has taken from broad sanctions imposed by the United States and European and Asian nations, according to an official. American officials, determined to keep secret their means of collecting the intelligence on Russia’s requests, declined to describe further the kind of military…
The Cancellation of Mother Russia Is Underway
Bloomberg quoted Marina Gretskaya, a 32-year-old Russian living in London who moved last year to work in communications. She kept a ruble savings account in an online Russian bank, Tinkoff. Two weeks ago, her assets there were worth $7,400. On Monday, the ruble plummeted more than 30 percent against the dollar. That evaporated more than $2,000 from her savings. “It’s a month’s salary,” she said. The same is almost certainly true for tens of millions of Russians — and it’s just starting. Oh, and by the way, in this wired…
China’s Legislative Session to Focus on Economy
BEIJING — When China’s legislature opened its weeklong annual session on Saturday, Chinese leaders were eager to use the event to bolster confidence in the country’s economy. Beijing used the National People’s Congress to pledge that China’s economy, the engine of global growth, will regain momentum despite a punishing slump in housing, rising commodity prices, scattered lockdowns to control coronavirus outbreaks and widespread uncertainty over the war in Ukraine. Beijing’s ability to maintain political and economic stability is paramount as the ruling Communist Party prepares the ground for Xi Jinping,…
China Outlines Plan to Stabilize Economy in Crucial Year for Xi
BEIJING — China’s premier, Li Keqiang, on Saturday announced a target for the country’s economy to expand “around 5.5 percent” this year, signaling the government’s emphasis on stabilizing growth in the face of global uncertainty from the pandemic and the war in Ukraine. Premier Li laid out the goal in his annual policy speech at the opening in Beijing of a weeklong session of China’s Communist Party-controlled legislature. The target appeared aimed at maintaining political and economic stability as Xi Jinping, China’s leader, looks to secure another five-year term in…
Fareed Zakaria Has a Better Way to Handle Russia — and China
ezra klein I’m Ezra Klein, and this is “The Ezra Klein Show.” [MUSIC PLAYING] It is eerie knowing that you have lived through the end of an era and that you’re now witnessing the birth of another. For most of my life, foreign policy has not been dominated by great power conflict. And that is a defining characteristic of that period. There have been crises. There have been wars. There have been horrors. But America was too strong and other countries too weak to really worry about world wars or…