The pressure on Beijing to find a new growth model is acute but the president seems resistant to deeper economic reform
Visiting Beijing late last year, the EU’s chief diplomat Josep Borrell complained that China’s trade deficit with Europe was soaring even as its market became tougher for European companies to enter. “Either the Chinese economy opens more, or you may have a reaction from our side,” Borrell warned. Last week, the response came.
With the property market still falling three years after the crisis began, and many indebted provinces ordered to suspend large infrastructure projects, Xi needs to find growth somewhere to meet his 5 per cent target for this year. “The bottom line is they want growth in output and they want the jobs associated with that growth,” says Stephen Roach, a faculty member at Yale and former chair of Morgan Stanley Asia.
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