China’s economy is in a terrible funk – just how Xi Jinping likes it

The West over the past four decades developed a Pavlovian response to any hint of economic slowdown in China. Just as Ivan Pavlov’s dogs would start salivating when he rang the bell to indicate feeding time, Western investors and analysts would react to news of an imminent Chinese slowdown by excitedly preparing for massive government stimulus.

“It’s a super difficult time,” fund manager Vivian Lin Thurston of William Blair Investment Management told theWhich is why the West keeps expecting Beijing to splurge government funds to fuel a new boom. The West, the whole world, has made a lot of money from China since Mao’s era of Marxist-Leninist ideology ended and Deng Xiaoping began China’s “reform and opening” era under the slogan “to get rich is glorious”.Credit:But most foreigners have failed to understand that era is over.

Third, many foreign firms faced intensified regulatory inspections. These are all results of Xi’s urge for control. In other words, Xi is preparing China for war, the “extreme circumstances” of which he has repeatedly warned his people. For that, he wants to make sure all parts of the economy are geared to respond to centralised control. And to ensure that investment and productive capacity are directed to the country’s war needs.

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