Opinion | Economically ailing China suffers from an incurable case of Leninism
Washington PostSep 02, 2023
Pres. Xi Meets With US Business Leaders
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The Facts
Chinese Pres. Xi Jinping met with roughly 20 American business leaders in Beijing on Wednesday, as China looks to boost economic growth by promoting foreign direct investment. Investment shrank 8% in 2023 due to multiple concerns over tensions between Beijing and Washington.
The meeting was described as a follow-up to Xi’s November dinner with US executives that followed his meeting with US Pres. Joe Biden. The executives were already in Beijing for the state-organized China Development Forum, which took place on Sunday and Monday.
The Spin
Pro-China narrative
Pres. Xi’s meeting with American business leaders on Monday was a great success and a positive development for strengthened relations between the world's two largest economies. Political differences between two great nations will always exist, but they cannot be allowed to derail mutually beneficial relations that impact the entire world. Pres. Xi is attentive and receptive to the concerns of foreign governmental and business leaders, and Beijing is willing to cooperate to foster a stronger global economy.
Anti-China narrative
Xi Jinping and the Chinese Communist Party are desperate to revive the PRC's struggling economy, as they recognize that their totalitarian policies have caused the current predicament. In order to reach its goal of 5% gross domestic product growth in 2024, China will need to increase foreign investment, which fell drastically last year. This won't be easy with many governments and businesses hesitant to deal in a country that has become a global antagonist with an unrestrained ruling party. Xi will try to ease global concerns, but he has already done too much damage to China's economy.
