Vishwakhabram: Due to Xi Jinping’s craze, China may lose the title of the world’s second largest economy.


The craze of President Xi Jinping has worsened the condition of China, the country with the world’s second largest economy. China, once famous all over the world for the speed of its economic progress, is barely able to survive at the moment and if the slow pace with which its economy is progressing continues at a snail’s pace, then China will soon lose the title of the second largest economy. Could. How much despair is there in China at this time can be gauged from the fact that instead of setting huge goals of progress, the rulers there are now emphasizing on maintaining living conditions.

Let us tell you that China, which is struggling with economic recession and weakening business sentiment, has set a target of nominal economic growth of five percent this year. Last year, China had registered a growth of 5.2 percent. Along with this, China has also promised to create 12 million jobs amid concerns over rising unemployment. In his report presented at the inaugural session of the National People’s Congress (NPC), the country’s rubber-stamp parliament, Chinese Prime Minister Li Qiang expressed hope that more than 12 million jobs would be created in urban areas this year. It is being told that the urban unemployment rate in China this year is estimated to be around 5.5 percent. Let us tell you that apart from Chinese President Xi Jinping, more than 2,000 delegates from across the country participated in the almost week-long annual session of the NPC. During this, necessary initiatives to strengthen the growth of the world’s second largest economy were discussed. It is being told that China has said to continue an active fiscal policy and a prudent monetary policy for 2024 in which the deficit will be kept at three percent compared to the gross domestic product (GDP). Chinese Prime Minister Li Qiang has said in his 39-page work report that this time the government deficit will increase by 180 billion yuan (26 billion US dollars) from the budget figure of 2023.

If seen, China is currently facing the deepest economic challenges, hence President Xi Jinping has instructed all the ministries to make such policies so that the economy can be rescued from the crisis. But the question here is how will China recover? The quality of its goods is increasingly being questioned in the global markets and old orders are being returned or cancelled. Due to Chinese companies not receiving new orders, production is at a standstill and unemployment is continuously increasing. Foreign investors are shying away from coming to China or closing their businesses because it is becoming difficult to work in a dictatorial regime. Not only this, Chinese youth have never looked as apprehensive about their future as they do now. In fact, due to rising wages and production costs in China, China is not able to compete in the global markets. Apart from this, the way China’s real estate industry is collapsing and local governments are having to take loans even to meet normal expenses, questions are also being raised on Xi Jinping’s policies and his ambitious projects which cost billions of dollars. Spending is taking place but nothing is being achieved.

However, just as Pakistan has brought its economy into the abyss by funding terrorism, in the same way China, due to its expansionist policies, has made such projects on which billions of dollars are being spent unnecessarily. Apart from this, China is spending billions of dollars for spying on other countries, spending billions of dollars on creating viruses like Corona for the new age war, and trying to entrap its neighboring countries in its debt trap to encircle India. Is lending thousands and lakhs of dollars dollar after dollar. The Chinese economy is suffering huge losses due to this but Xi Jinping is not ready to improve. China has to issue special purpose bonds worth one trillion yuan to raise funds, which shows how much pressure the Chinese economy is going through.

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