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LATEST NEWS UPDATES | The three economic realities facing China -Uma Gupta

The three economic realities facing China -Uma Gupta

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published Published on Oct 18, 2022   modified Modified on Oct 24, 2022

-Hindustan Times

The 20th National Congress of the Communist Party of China (CPC) began in Beijing on October 16. While the run-up to the 20th congress has been dominated by talks of Xi Jinping getting elected as the highest leader for an unprecedented third consecutive time, the gathering will also have to confront serious and somewhat new questions as far as the Chinese economy is concerned.

The 20th National Congress of the Communist Party of China (CPC) began in Beijing on October 16. While the run-up to the 20th congress has been dominated by talks of Xi Jinping getting elected as the highest leader for an unprecedented third consecutive time, the gathering will also have to confront serious and somewhat new questions as far as the Chinese economy is concerned. An HT analysis of data on Chinese economy flags three issues which will perhaps figure in a big way in the party congress.

Slowing growth is a reality, but it does not seem to have affected Xi’s authority

Ironical as it may sound, China’s communist revolution has created one of the most dynamic capitalist success stories in the world in the last 50 years. In 1960, the earliest period for which GDP data is available for China in the World Development Indicators (World Bank) database, China was ranked fourth in terms of current dollars GDP in the world. To be sure, the 1960 database does not include countries such as Soviet Union and Germany, which were likely major economies. By 1978, the year when Deng Xiaoping assumed political power in China, China’s ranking had changed to eleventh among 134 countries. China made rapid economic progress under the reforms unleashed by Deng became the sixth largest economy in the world by 2000. By 2010, China became the second largest economy.

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Hindustan Times, 18 October, 2022, https://www.hindustantimes.com/india-news/the-three-economic-realities-facing-china-101666005818092.html


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