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The Journal.

How Xi Jinping's Dream Slowed China's Economy

The Journal.

The Wall Street Journal

Business News, Daily News, News

4.25.8K Ratings

🗓️ 17 October 2022

⏱️ 17 minutes

🧾️ Download transcript

Summary

As China’s top leaders gather for the 20th Communist Party congress, all eyes are on China’s economy. A decade ago, President Xi Jinping set out his “China Dream" and promised it would boost the economy. But as WSJ’s Lingling Wei explains, Xi’s state-centered approach isn’t delivering on that vision. Further Reading: - China’s Xi Jinping Stakes Out Ambitions, With Himself at the Center - China Abruptly Delays GDP Release During Communist Party Conference - Xi Jinping’s Ideological Ambition Darkens China’s Economic Prospects Further Listening: - The Political Cost of China’s Faltering Economy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

On Sunday, China's top leaders gathered for a big event, the 20th National Congress

0:15.5

of the Communist Party.

0:17.8

It kicked off with a piece of music called the Welcome March.

0:23.6

This meeting happens every five years.

0:26.8

But party officials gather to discuss the future of the party, lay out policies for the

0:31.5

coming years, and most importantly, announce their next leader.

0:36.3

And this year, President Xi Jinping will stay on as party leader for a third term.

0:44.2

Xi's rule has been driven by his vision for China, which our colleague Lingling Wei

0:49.5

says he set out when he took over ten years ago.

0:55.2

Xi Jinping came to power in late 2012 with a lot of promises.

1:03.0

He talked about his China gene.

1:07.2

The China gene concept basically conveys his desire to make China this global superpower,

1:18.0

a superpower that is on par with the United States.

1:24.1

A big part of Xi's China dream was to make the economy stronger and more self-reliant.

1:30.2

And on Sunday, Xi doubled down on those ambitions.

1:52.2

But right now, the Chinese economy is faltering.

1:56.4

Consumer spending is slowing, GDP is falling, and some say Xi's strategy is to blame.

2:07.2

Welcome to the journal, our show about money, business, and power.

2:11.7

I'm Kate Limer, it's Monday, October 17th.

2:20.6

Coming up on the show, what Xi Jinping's China dream has done to the economy.

2:42.6

When Xi Jinping first came to power, how did he approach the economy then?

2:48.2

When he first came to power, he put in place a very ambitious economic reform program

...

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