Xi Jinping has begun an unprecedented third term as Chinese president, after securing his position at the Communist Party Congress.
But key economic data was delayed until after the congress ended. It was lower than government targets, causing Chinese markets to fall.
The Chinese economy is floundering; unemployment is skyrocketing, and the housing market is collapsing. There’s also no sign of an end to COVID lockdowns – which have hamstrung business and manufacturing since the start of the pandemic.
Since the start of this century, China’s economic growth was the envy of the world, but in 2022, it’ll be the first year since the 1990s that economic output will fall behind the rest of Asia.
President Xi says the economy is now his top priority, but his focus in his first two terms was to consolidate power and increase political control. Will his new term be any different?
This week on the Inquiry, we’re asking: Is China’s economy in crisis?
Presenter: Tanya Beckett Producers: Ravi Naik and Ben Cooper Editor: Tara McDermott Technical Producer: Kelly Young Broadcast Coordinator: Jacqui Johnson
(Image: Chinese yuan cash bills and Chinese flag: Javier Ghersi/Getty)