{"id":129391,"date":"2024-05-22T12:35:00","date_gmt":"2024-05-22T16:35:00","guid":{"rendered":"http:\/\/kendallharmon.net\/?p=129391"},"modified":"2024-05-25T08:38:33","modified_gmt":"2024-05-25T12:38:33","slug":"bloomberg-unlike-his-reform-era-predecessors-xi-jinping-cant-count-on-rapid-gains-in-prosperity-to-underpin-support-for-communist-party-rule","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=129391","title":{"rendered":"(Bloomberg) Unlike his reform-era predecessors, Xi Jinping can\u2019t count on rapid gains in prosperity to underpin support for Communist Party rule"},"content":{"rendered":"\n<p>China\u2019s economic miracle is ending, leaving President Xi Jinping with a challenge none of his predecessors faced: how to govern after the boom.<br><br>For four decades, China\u2019s 1.4 billion population experienced unparalleled gains in income and wealth. But recently the blows have just kept coming.&nbsp;<a href=\"https:\/\/www.bloomberg.com\/news\/features\/2023-10-23\/china-property-crisis-country-garden-distress-crushes-investors-homebuyers\" rel=\"noreferrer noopener\" target=\"_blank\">Real estate collapse<\/a>, trade war with the US, a crackdown on entrepreneurs, and extended&nbsp;<a href=\"https:\/\/www.bloomberg.com\/news\/features\/2023-03-09\/china-covid-zero-switch-caused-mass-death-distrust-in-xi\" rel=\"noreferrer noopener\" target=\"_blank\">Covid lockdowns<\/a>&nbsp;have stalled the prosperity engine.<\/p>\n\n\n\n<p>Chinese incomes are still rising, but under Xi gains have been the slowest since the late 1980s. The property crisis is hammering household wealth. And the cautious opening-up of China\u2019s society has gone into reverse too. For many people across the country, it feels like a different world.<\/p>\n\n\n\n<p>Take for example Mr. Hu, a factory worker in Shanghai. For almost a decade after moving from his hometown, Hu was upwardly mobile. He earned enough to buy a car, drove passengers at the weekend to top up the family income, and in 2020 bought a big-city apartment. Hu felt good about the future. Now he feels \u201cdesperate.\u201d<\/p>\n\n<a href=\"https:\/\/www.bloomberg.com\/graphics\/2024-governing-china-after-the-boom\/?srnd=economics-v2\">Read it all<\/a>.<blockquote class=\"twitter-tweet\"><p lang=\"en\" dir=\"ltr\">Unlike his reform-era predecessors, Xi Jinping can\u2019t count on rapid gains in prosperity to underpin support for Communist Party rule in China <a href=\"https:\/\/t.co\/xAj5ruyMbw\">https:\/\/t.co\/xAj5ruyMbw<\/a><\/p>&mdash; Bloomberg Economics (@economics) <a href=\"https:\/\/twitter.com\/economics\/status\/1793243567105663428?ref_src=twsrc%5Etfw\">May 22, 2024<\/a><\/blockquote> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n","protected":false},"excerpt":{"rendered":"<p>China\u2019s economic miracle is ending, leaving President Xi Jinping with a challenge none of his predecessors faced: how to govern after the boom. For four decades, China\u2019s 1.4 billion population experienced unparalleled gains in income and wealth. But recently the<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=129391\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,502,149,1],"tags":[],"class_list":["post-129391","post","type-post","status-publish","format-standard","hentry","category-economics-politics","category-china","category-economy","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/129391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129391"}],"version-history":[{"count":5,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/129391\/revisions"}],"predecessor-version":[{"id":129396,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/129391\/revisions\/129396"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}