As China marks the 75 years since the founding of the People’s Republic, there is a palpable irony in its current trajectory and President Xi Jinping’s quest to avoid the fate of the Soviet Union and resist US containment, says Lizzi C Lee of the Asia Society Policy Institute.
Chinese President Xi Jinping attends a ceremony to award national medals at the Great Hall of the People in Beijing, Sunday, Sep 29, 2024. NEW YORK: As China celebrates the 75th anniversary of the People’s Republic on Tuesday , the milestone invites more than reflection – it calls for a deeper reckoning.
China’s remarkable economic rise, which for decades underpinned the legitimacy of the Communist Party, is now showing signs of strain. A confluence of factors – slowing growth, a real estate crisis, mounting local government debt, and By tightening his grip over China’s economy and society, Mr Xi risks triggering the very stagnation he seeks to avoid. The tension between maintaining political security and fostering economic growth has never been more acute, and the coming years will test his ability to strike a balance the need for political stability with the necessity of economic dynamism.
Emerging sectors like AI, robotics and quantum computing are inherently capital-intensive but offer limited avenues for job creation, leaving millions of young graduates navigating a shrinking pool of viable employment. The rapid automation of traditional industries further exacerbates this issue, displacing workers from sectors that once provided stable livelihoods.
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