Part 3/11:
Xi Jinping’s ascent to power marked a significant shift in China’s economic governance style from collective decision-making to a highly centralized, top-down approach. His consolidation of power has resulted in a model where policies are dictated by his vision rather than informed by expert opinions. This drastic change has led to an almost anarchic economic landscape obscured behind curated official figures.
Experts like Carsten Holz from the Hong Kong University of Science and Technology stress that under Xi's regime, there has been a growing disconnect between reality and presented economic figures, exemplified by a struggling property sector laden with debt and banks teetering on the brink of crisis.