President Xi Jinping is effectively replacing former leader Deng Xiaoping as the thought leader of China’s development, and he is well on his road to set the road for the country as a global power, says economist Arthur Kroeber, author of China’s Economy: What Everyone Needs to Know®, at Bloomberg.
When President Xi Jinping assumed power in 2013, many hoped he’d turn out to be a leader in Deng’s reformist vein. But while Deng wanted his market-based reforms to make China rich, Xi has reasserted the control of the state in an effort to turn the country into a political and technological superpower.
“One of Xi’s overarching goals in terms of economic management is to effectively, if not formally, declare the end of the era of reform a la Deng Xiaoping,” said Arthur Kroeber, a founding partner and managing director at research firm Gavekal Dragonomics. Whereas Deng and subsequent leaders bolstered the role of private businesses in the economy and reduced that of the state, Xi seems to think the balance is now about right, Kroeber said….
The economy expanded 6.5 percent in the third quarter, the slowest pace since the aftermath of the global financial crisis in 2009. But if China can keep the rate above 5 percent well into the 2020s, per capita income levels will close the gap on developed nations, said Kroeber, who is the author of “China’s Economy: What Everyone Needs to Know.”
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