In the past week, they have announced stimulus plans, provided infrequent financial aid, called an unexpected meeting to spur economic growth, and made a number of other moves aimed at upending the faltering real estate market.
Xi personally mentioned “potential dangers” and how important it is to be “well-prepared” to face difficult obstacles on Monday; many people think this was a reference to the state of the economy.
Less known is how the slowdown has affected common Chinese citizens, whose grievances and aspirations are frequently subject to strict censorship.
However, two recent studies provide some clarification. In the first, a survey of Chinese views on the economy revealed that people’s optimism and sense of chances were eroding. The second is a log of protests—both offline and online—that pointed to an increase in occurrences motivated by complaints about the economy.
Even though it is far from finished, the image nonetheless offers a unique window into the present economic situation and the outlook of the Chinese people.
Beyond the real estate crisis, rising unemployment and public debt have had a detrimental effect on savings and consumption. This year, the second-biggest economy in the world might fall short of its own growth objective of 5%.
For the Chinese Communist Party, that is sobering. China’s rapid development made it a major player in the world, and steady prosperity was it.
