Xi's decision not to decide

 

Xi-Biden summit leaves China's economic policies up in air

As 2023 nears an end, Chinese President Xi Jinping appears to be putting off decisions to resolve economic challenges the country is facing until the new year.
 
A key policy meeting of the Chinese Communist Party's Central Committee -- normally held in the autumn every five years to set long-term economic policies -- is now likely postponed to 2024. No dates were announced at the party's recent Politburo gathering.
 
The unusual delay shows that the Chinese economy is in unprecedentedly dire straits. It could be that there is a serious conflict of opinion within Xi's team and they are unable to make a concerted move, as they have done in the past.
 
One overlooked reason behind the postponement is the lack of economic achievements at Xi's meeting with U.S. President Joe Biden, an informed source said. The Xi government was desperate to bring home something that it could boast about and build on, such as a positive development on supply chain issues.
 
Yet even before discussions began, it was already obvious that the summit was not going to yield much in the way of results on the economic front -- a key Chinese figure, its economic czar, was missing at the table.