ExplainerChina economy: 5 issues, from housing to population, that are likely to feature in Xi Jinping’s fact-finding campaign
- Government officials have been told to carry out field research and gauge public opinion to identify weak links in China’s development agenda
- Economic issues will feature prominently, including challenges to domestic demand, tech self-reliance, private and foreign investors, and jobs
President Xi Jinping has launched an on-the-ground campaign to identify obstacles and risks threatening China’s development.
Economic issues dominate Beijing’s work agenda, with the government eager to shore up the headline growth rate and maintain social stability in the face of rising internal and external challenges. Some observers say Xi is taking a page out of the old party’s playbook as he seeks to strengthen control and connect with the masses.
The investigations will shed light on areas such as domestic demand, tech self-reliance, support for private and foreign investors, rural revitalisation, grain security, supply chains, common prosperity, jobs, housing, elderly care, and financial de-risking.
It remains unclear how far authorities will push and to what extent they can solve problems. But here are some of the long-standing economic issues likely to feature in the fact-finding mission.
1. Private business confidence
China’s private entrepreneurs share similar worries with their Western peers, such as financing difficulties and high fundraising costs, but they are particularly burdened in their competition with state-owned enterprises, which dominate the country’s upstream resources, finance, telecoms and many other industries.