Chinese President Xi Jinping, chairman of the Chinese Communist Party, hears what he wants to hear and is told by his underlings what they think he wants to hear.
China needs dramatic economic reforms today. Its economy is weighed down by a model which no longer works. The real estate bubble has burst. The banking sector is arguably bankrupt. Its demographic trajectory is disastrous and likely cannot be changed. The Chinese people are not optimistic about their future. They save because there is no social security safety net. Couples do not have children because the education system is expensive and rigged against the typical household. The economy is in long-term decline because the CCP’s economic model has failed. Put simply, China must change course immediately and dramatically.
