Chinese New Year 2021 Quotes

Many aspects of how the Chinese political class manages its economy are antithetical to the Western values of democracy and free markets. But this stance has not put off foreign investors, who are attracted to the government’s willingness to prioritize physical infrastructure, political security, and stability over the health of the population, transparency in decision making, and transparency in the rule of law (if not necessarily the system of governance). In essence, the pursuit of economic growth overrides any views on the political system they invest in. Currently China’s political class has a strategy to evolve from an investment-led exporting economy to one more in line with Western economies, relying on domestic consumption. The transition to this new economic equilibrium will not be linear. China will likely experience significant economic volatility and market gyrations as the structure of its economy shifts. There is also mounting skepticism about China’s ability to manage its debt levels, and the country’s lack of individual political freedoms will continue to hamper its growth prospects. But Chinese policymakers will, no doubt, be focused on continuing to show economic progress in advance of two target dates: 2021—one hundred years after the formation of the Communist Party—and 2049, one hundred years after the formation of the People’s Republic of China.

Xi’s management of COVID is today the third rail in Chinese politics—which landed him in prison for eighteen years on charges of corruption.109 Another well-known blogger, former Caijing editor Luo Changping, was detained in October 2021 for a new crime—that of defaming political martyrs—after questioning China’s role in the Korean War in a critical review of the box-office-hit film The Battle at Lake Changjin.110