China’s abrupt U-turns

CHINA ADVISORY - Report 10 Jan 2023 by Andrew Collier

China has done an about-face on a number of issues that signal a sudden realization that the economy continues to slow and the country’s policies are not working. China has reversed course on domestic Covid control, the property market and its former frosty approach to diplomacy; we even witnessed the new Foreign Minister, Qin Gang, throw an instagrammable pitch at a St. Louis Cardinals game last September. These changes don’t appear to reflect a careful strategy or a consolidation of power in Beijing but seem like acts of desperation by a country struggling to right its economic future. The newfound pragmatism is a positive step but the haphazard implementation following years of state dogma will leave many people domestically and overseas wary.

If ever there was confusion about the nature of China’s governance under Xi Jinping, the country’s handling of Covid has proven that the leadership is isolated from the bureaucracy and does not have the tools to handle significant policy changes. This view of China’s governance has important implications for economic and financial policies in the future.

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