From: Counting the Cost

Xi tightens grip on China, what does this mean for the economy?

Chinese President Xi Jinping has secured a precedent-breaking third term as the Communist Party’s leader.

When Xi Jinping assumed power in 2012, China’s economy was booming.

A decade later, that growth is being dragged down by strict COVID-19 curbs and a deepening property crisis.

Critics of the Chinese leader mainly blame the weakening economy on his policies. Yet, Xi has given few signs of changing his approach after consolidating his hold on power. He insists the economy is resilient and has promised to deepen economic ties with other countries, as he begins an unprecedented third term as leader of the Communist Party.

Meanwhile, United States President Joe Biden is choking off China’s access to advanced semiconductors.