News Analysis No country welcomes economic trouble. Everyday citizens suffer, but even the nation’s leadership, though its members can avoid personal hardship, regret the loss of international influence that accompanies economic setbacks and fear that it will undermine people’s faith in the government’s competence. If anything, Beijing has extreme sensitivities on these scores. Much of the nation’s global prestige rests on perceptions of its great economic strength. There is also the tacit contract that the Communist Party has made with the Chinese people—they will tolerate the Party’s position of power and the Party will ensure prosperity. For these reasons, and no doubt others, China’s leadership must feel concern about the latest economic news. The official line has it that China’s economy grew 8.1 percent in real terms in 2021. Many have expressed skepticism about this figure, pointing to the retarding effects of COVID-induced shutdowns, the financial strains imposed by Evergrande …
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