Saturday, September 28, 2024

g-f(2)2977 The Price of Power: Xi's Gamble on Political Control over Economic Growth

 


genioux Fact post by Fernando Machuca and Claude


Introduction:


The Foreign Policy article "Xi Jinping Is Prioritizing Political Survival Over Economic Prosperity" by Raja Krishnamoorthi provides a critical analysis of China's current economic challenges and President Xi Jinping's approach to addressing them. It highlights the tension between maintaining political control and fostering economic growth, offering insights into the potential long-term consequences of China's current policy direction.



genioux GK Nugget:


"Xi Jinping's prioritization of CCP control over economic reform is stifling China's growth potential and eroding public confidence, potentially jeopardizing the party's implicit social contract with its citizens."  — Fernando Machuca and Claude, September 28, 2024



genioux Foundational Fact:


President Xi Jinping's commitment to maintaining the Chinese Communist Party's central role in all aspects of society, including the economy, is leading to policies that prioritize political control over economic prosperity. This approach reaffirmed at the recent Third Plenum, involves increased state control of the economy, emphasis on manufacturing and exports, and a focus on technological dominance for national security. However, these policies are contributing to slowing growth, high unemployment, and declining public confidence, challenging the implicit compact between the CCP and Chinese citizens that has existed since 1989.



The 10 most relevant genioux Facts:


  1. China's economy is facing its most serious challenges since the Maoist era, with slowing growth, high unemployment, and a tumbling housing market.
  2. Xi Jinping is doubling down on state control of the economy, rejecting market-oriented reforms.
  3. The CCP is taking an increasingly direct hand in private businesses, prioritizing manufacturing expansion through massive subsidies.
  4. Xi's economic policies are alarming foreign leaders and businesses while leaving Chinese citizens feeling powerless to influence central policymaking.
  5. Protests over labor issues and housing have become more frequent in China, and there's been a significant exodus of high-net-worth individuals.
  6. Xi's centralization of power has minimized opportunities for expert dissent and public discourse on economic policies.
  7. The recent Third Plenum saw fewer suggestions from party cadres and economists, with a much lower acceptance rate for those suggestions.
  8. Xi's focus on technological dominance for national security is coming at the expense of social welfare programs and domestic consumption.
  9. The CCP's grip on power is expected to tighten further, with increased nationalism and censorship to distract from domestic challenges.
  10. China's economic struggles are likely to continue as Xi faces trade-offs between national prosperity and maintaining total control.



Conclusion:


Xi Jinping's approach to governing China, which prioritizes political control and ideological adherence over economic pragmatism, is creating significant challenges for the country's future prosperity. By doubling down on state control, suppressing dissent, and focusing on technological dominance at the expense of social welfare, Xi risks exacerbating economic imbalances and eroding public confidence. This strategy may preserve the CCP's power in the short term but could lead to long-term economic stagnation and social unrest. As China grapples with these internal challenges, the global community should be prepared for potential increases in nationalism and international tensions as the CCP seeks to distract from domestic issues. The path forward for China remains uncertain, but significant economic and political reforms would be necessary to address the growing disparities between the party's priorities and the needs of the Chinese people.



REFERENCES

The g-f GK Context


Raja Krishnamoorthi, Xi Jinping Is Prioritizing Political Survival Over Economic Prosperity, Foreign Policy (FP), September 26, 2024.


ABOUT THE AUTHOR


Rep. Raja Krishnamoorthi, a Democrat from Illinois, is the ranking member of the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party.



Classical Summary of the Article:


The Foreign Policy article "Xi Jinping Is Prioritizing Political Survival Over Economic Prosperity" by Raja Krishnamoorthi critically analyzes China's current economic challenges under President Xi Jinping's leadership. Key points include:


  1. Economic Challenges: China is facing severe economic issues, including slowing growth, high unemployment, and a collapsing housing market.
  2. Xi's Approach: At the recent Third Plenum, Xi reaffirmed his commitment to state control of the economy, rejecting market-oriented reforms.
  3. Policy Focus: Xi is prioritizing manufacturing expansion through subsidies and pursuing technological dominance, often at the expense of social welfare and domestic consumption.
  4. Political Control: The Chinese Communist Party (CCP) is taking an increasingly direct role in private businesses and the economy overall.
  5. Public Sentiment: Chinese citizens and local officials feel powerless to influence central policymaking, leading to increased protests and an exodus of wealthy individuals.
  6. Suppression of Dissent: Xi's centralization of power has minimized opportunities for expert dissent and public discourse on economic policies.
  7. Third Plenum Outcomes: The recent meeting saw fewer suggestions from party members and a lower acceptance rate for those suggestions.
  8. Social Contract: The CCP's implicit agreement to deliver economic growth in exchange for unquestioned rule is being strained.
  9. International Concerns: Xi's economic policies are alarming foreign political and business leaders.
  10. Future Outlook: The article suggests that Xi will likely tighten the CCP's grip further, potentially increasing nationalism and censorship to distract from domestic challenges.
  11. Trade-offs: Xi continues prioritizing national security and political control over economic prosperity, even as China faces significant economic headwinds.


The article concludes that Xi's approach may preserve CCP power in the short term but risks long-term economic stagnation and social unrest. It suggests that significant economic and political reforms would be necessary to address growing disparities between the party's priorities and the needs of the Chinese people.



Raja Krishnamoorthi


Rep. Raja Krishnamoorthi is a distinguished American politician, businessman, and attorney, currently serving as the U.S. Representative for Illinois's 8th congressional district since 2017¹. Born on July 19, 1973, in New Delhi, India, he moved to the United States as an infant and was raised in Peoria, Illinois¹².


Early Life and Education

Raja grew up in a Tamil-speaking family and faced early economic hardships, including living in public housing and relying on food assistance¹. Despite these challenges, he excelled academically, graduating as valedictorian from Richwoods High School in Peoria². He earned a bachelor's degree in mechanical engineering summa cum laude from Princeton University and later received a Juris Doctor with honors from Harvard Law School¹².


Professional Career

Before entering politics, Raja had a diverse career in law and business. He served as a law clerk for a federal judge and worked on Barack Obama's 2000 election campaign for the U.S. House of Representatives¹. He also held various roles in Illinois state government, including Special Assistant Attorney General and Deputy State Treasurer². In the private sector, he was president of small businesses focused on national security and renewable energy technologies².


Political Career

Raja was elected to Congress in 2016 and is now in his fourth term representing Illinois's 8th District, which includes Chicago's western and northwestern suburbs². He serves as the Ranking Member of the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party, making him the first South Asian American in history to lead a Congressional Committee². Additionally, he is a member of the House Permanent Select Committee on Intelligence and the Committee on Oversight and Accountability².


Advocacy and Leadership

Raja is known for his advocacy on various issues, including economic growth, energy policy, and regulatory affairs². He is a Vice-Chair of the Equality Caucus and Co-Chair of the Congressional Asian Pacific American Caucus (CAPAC) Immigration Task Force². He also founded and chairs the bipartisan Congressional Caucus to End the Youth Vaping Epidemic and the bipartisan Solar Caucus².


Personal Life

Raja resides in Schaumburg, Illinois, with his wife Priya, a physician, and their three children². His journey from humble beginnings to a prominent political leader is a testament to his dedication, resilience, and commitment to public service.


¹: [Wikipedia](https://en.wikipedia.org/wiki/Raja_Krishnamoorthi)

²: [Representative Krishnamoorthi](https://krishnamoorthi.house.gov/about)


Source: Conversation with Copilot, 9/28/2024


(1) Raja Krishnamoorthi - Wikipedia. https://en.wikipedia.org/wiki/Raja_Krishnamoorthi.

(2) About - Representative Krishnamoorthi. https://krishnamoorthi.house.gov/about.

(3) KRISHNAMOORTHI, S. Raja - United States Congress. https://bioguideretro.congress.gov/Home/MemberDetails?memIndex=K000391.

(4) Raja Krishnamoorthi | Congress.gov | Library of Congress. https://www.congress.gov/member/raja-krishnamoorthi/K000391.

(5) Raja Krishnamoorthi - Simple English Wikipedia, the free encyclopedia. https://simple.wikipedia.org/wiki/Raja_Krishnamoorthi.

(6) Getty Images. https://www.gettyimages.com/detail/news-photo/rep-raja-krishnamoorthi-questions-gordon-sondland-the-u-s-news-photo/1183651968.



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REFERENCES



“genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)2977, Fernando Machuca and Claude, September 28, 2024, Genioux.com Corporation.


The genioux facts program has established a robust foundation of over 2976 Big Picture of the Digital Age posts [g-f(2)1 - g-f(2)2976].



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