As China celebrates 75 years under Communist rule on October 4, 2024, President Xi Jinping faces mounting economic challenges that could test his leadership. Despite a focus on boosting China’s global influence, internal issues like a faltering real estate sector, declining exports, and slowing growth are causing concern.
Xi has consistently projected confidence, but the need for structural reforms is evident. Economists point to the country’s rising debt, aging population, and reduced foreign investment as hurdles that could slow China’s ambitions of becoming the world’s top economy. This year’s celebration of the Communist Party’s reign comes amidst public discontent over unemployment and inflation.
China’s economic slowdown raises questions about the sustainability of its current development model, as well as Xi’s ability to navigate the country through this turbulent period. Observers wonder whether the party will push for reforms or continue on its current path of state-driven economic control. The outcome could have global implications, as China’s economy remains a cornerstone of the international financial system
