søndag 24. mars 2024

WORDS OF THE WEEK: XI JINPING’S PENCHANT FOR “POINTING THE WAY FORWARD”

The use of the standard Party formulation of Xi Jinping “pointing the way forward” on various policy issues has become so commonplace that the phrase has become an object of satire, a way of mocking Xi’s cult of personality and penchant for claiming personal leadership over any number of policy spheres. It has also given rise to some of Xi’s many nicknames, including “the immortal compass” and “Compass-in-Chief.”

Recently, the influential X (née Twitter) account “Teacher Li is Not Your Teacher” shared a list of over 240 topics on which Xi Jinping has pointed the way forward. The non-exhaustive list, drawn from articles published by People’s Daily and Xinhua, was compiled by volunteers and covers the years from 2015 to 2024. Topics range from the wildly ambitious (“humanity’s future development”) to the specifically political (“full implementation of the spirit of the 20th National Party Congress”) to the regional (“promoting the economic integration of Beijing, Tianjin and Hebei”) to the athletic (“promoting the accelerated development of winter sports in China.”) CDT has republished and translated the list, with some added context and background links.


“When It All Comes down to It, China Has No Real ‘New Year’”

Li Chengpeng, born in 1968, also known as “Big-eyed Li,” had a successful career as a popular sports reporter in Beijing. He enjoyed early notoriety for his reporting on corruption in soccer, which is a national obsession, and his political ambitions. In recent years, Li has come to be known for social commentary and his scathing essays on current affairs. For the most part, his work circulates in China unofficially and he also publishes a column in Yibao, an independent media site operating outside the People’s Republic of China.

In late 2022, Li published “Take it from me, we are losing the war because we can salute too well,” a letter addressed to the year 2022. The title is a quotation from All Quiet on the Western Front, a famous anti-war novel by Erich Maria Remarque. In the letter, Li observes that: "In retrospect, a lot of the things that happened during 2022 seem ridiculous, even absurd. Upon closer inspection, however, they still reflect the irrefutable logic of power."

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It’s Grim out There: China’s Economy in the Year of the Dragon

At the end of January, a Hong Kong judge ordered the liquidation of the heavily-indebted Chinese real estate giant Evergrande. It was just the latest piece of bad news for China’s economy, after a year of disappointing growth, high youth unemployment, and various surveys and media reports that show a lack of confidence amongst China’s entrepreneurs and consumers.

Some observers have been predicting an economic collapse in China for decades. Others have long predicted that China would be stuck in a middle-income trap or some other type of economic stagnation. Might some of these predictions come true this time? What does the Year of the Dragon have in store for consumers, companies, and markets? What should we look out for this year to understand both China’s real economy and its financial sector?