Xi Jinping’s hunger for power is hurting China’s economy

As China politicalgdp ’s system becomes ever more closed, set-piece public events offer one of the few remaining windows into decision-making. The most important such annual gathering, of the , is under way in Beijing. The top leaders and thousands of delegates will attend for a week. So far the signals are not reassuring. They suggest that China lacks a robust plan to deal with its economic slump and that some of its targets are fanciful. Power is being concentrated even further in the hands of President Xi Jinping. Start with the economics. In a speech to the assembly China’s prime minister, Li Qiang, unveiled a in 2024. He also laid out a long-term blueprint under the slogan “new productive forces”. This emphasises shifting from a bloated property sector, debt-financed investment and basic manufacturing to high-productivity industries, such as green energy, artificial intelligence and digital services. China’s rulers believe they have been appropriately tough about the , disciplined at responding to the slowdown, and have a coherent vision.