China’s covid outbreaks are becoming harder to control. Meanwhile, lockdowns are hurting growth, amplifying a botched attempt to recast the economy
Save time by listening to our audio articles as you multitaskIt is one of a trio of problems faced by China this year, alongside a misfiring economy and the war in Ukraine. You may think they are unconnected, but China’s response to each has a common root: swagger and hubris in public, an obsession with control in private, and dubious results.
In some ways Mr Xi has triumphed. The propagandists can boast of a covid-19 mortality rate that is the lowest of any big country, and an economy that has grown by more than any other in thesince 2018. As Europe descends into war, China stands apart and secure, with a growing nuclear arsenal and the muscle and money to project power from the Pacific to the Caribbean.
Those lockdowns are hurting growth, amplifying a botched attempt to recast the economy. Mr Xi has called on Chinese capitalists to become less predatory and more self-reliant. But in an attempt to implement vague slogans such as “common prosperity”, zealous officials have reasserted state control and intimidated the most successful entrepreneurs. A once-glittering tech industry is in intensive care, with the largest ten firms having lost $1.7trn of market value after a barrage of regulations.
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