When Xi Jinping came to power a decade ago, China had just overtaken Japan to become the world's second largest economy.
It has grown at a phenomenal pace since then. With an average annual growth rate of 6.7% since 2012, China has seen one of the fastest sustained expansions for a major economy in history. In 2021, its GDP , constituting 18.4% of the global economy, according to the World Bank.
China's have also made it a strategic threat to the United States and its allies. It's steadily pushing American rivals out of long-held leadership positions in sectors ranging from 5G technology to artificial intelligence.
Until recently, some economists were that China would become the world's biggest economy by 2030, unseating the United States. Now, the situation looks much less promising.
As Xi prepares for, he faces mounting economic challenges, including an unhappy middle-class. If he is not able to bring the economy back on track, China faces slowing innovation and productivity, along with rising social discontent.
"For 30 years, China was on a path that gave people great hope," said Doug Guthrie, the director of China Initiatives at Arizona State University's Thunderbird School of Global Management, adding that the country is "in deep trouble right now."
While Xi is one of the most powerful leaders China and its ruling Communist party have seen, some experts say that he can't claim credit for the country's astonishing progress.
"Xi's leadership is not causal for China's economic rise," said Sonja Opper, a professor at Bocconi University in Italy who studies China's economy. "Xi was able to capitalize on an ongoing entrepreneurial movement and rapid development of a private [sector] economy prior leaders had unleashed," she added.
Rather, in recent years, Xi's policies have caused some massive headaches in China.
A sweeping crackdown by Beijing on the country's private sector, that began in late 2020, and its unwavering commitment to a zero-COVID policy, have hit the economy and job market hard.
"If anything, Xi's leadership may have dampened some of the country's growth dynamic," Opper said.
More than $1 trillion has been wiped off the market value of Alibaba and Tencent 鈥 the crown jewels of China's tech industry 鈥 over the last two years. in the sector has slowed, and have been laid off, leading to record youth unemployment.
The property sector has also been bludgeoned, hitting some of the country's . The collapse in real estate 鈥 which accounts for as much as 30% of GDP 鈥 has triggered widespread and rare dissent among the middle class.
Thousands of angry homebuyers on stalled projects, fuelling fears of systemic financial risks and forcing authorities to pressure banks and developers to defuse the unrest. That wasn't the only demonstration of discontent this year.
In July, Chinese authorities by hundreds of depositors, who were demanding their life savings back from rural banks that had The banking scandal not only threatened the livelihoods of hundreds of thousands of customers but also highlighted the .
"Many middle-class people are disappointed in the recent economic performance and disillusioned with Xi's rule," said David Dollar, a senior fellow in the John L. Thornton China Center at the Brookings Institution.
According to analysts, the vulnerabilities in the financial system are a result of the country's unfettered debt-fuelled expansion in the previous decade, and the model needs to change.
"China's growth during Xi's decade in power is attributable mainly to the general economic approach adopted by his predecessors, which focused on rapid expansion through investment, manufacturing, and trade," said Neil Thomas, a senior analyst for China and Northeast Asia at Eurasia Group.
"But this model had reached a point of significantly diminishing returns and was increasing economic inequality, financial debt, and environmental damage," he said.
While Xi is trying to change that model, he is not going about it the right way, experts said, and is risking the future of China's businesses with tighter state controls.
The 69-year old leader launched his crackdown to rein in the "" private businesses that were growing too powerful. He also wants to redistribute wealth in the society, under his "" goal.
Xi hopes for a "new normal," where consumption and services become more important drivers of expansion than investments and exports.
But, so far, these measures have pushed the Chinese economy into
The International Monetary Fund recently cut its forecast for China's growth to 3.2% this year, representing a sharp slowdown from 8.1% in 2021. That would be the country's second lowest growth rate in 46 years, better only than 2020 when the initial coronavirus outbreak pummeled the economy.
Under Xi, China has not only become more insular, but has also seen the fraying of U.S.-China relations. His refusal to condemn Moscow's invasion of Ukraine, and China's recent aggression towards Taiwan, could alienate the country even further from Washington and its allies.
Analysts say the current problems don't yet pose a major threat to Xi's rule. He is expected to secure an unprecedented third term in power at the Communist Party Congress that begins on Sunday. Priorities presented at the Congress will also set China's trajectory for the next five years or even longer.
"It would likely take an economic catastrophe on the scale of the Great Depression to create levels of social discontent and popular protest that might pose a threat to Communist party rule," said Thomas from Eurasia Group.
"Moreover, growth is not the only source of legitimacy and support for the Communist party, and Xi has increasingly burnished the Communist party's nationalist credentials to appeal to patriotism as well as pocketbooks," he added.
But to get China back to high growth and innovation, Xi may have to bring back market-oriented reforms.
"If he was smart, he would liberalize things quickly in his third term," said Guthrie.
Hurricane Milton strengthens into a Category 4 storm, and Florida could see dangerous storm surge, forecasters say.
On the anniversary of the Hamas-led attacks in Israel, police departments in cities across Canada are increasing their presence in Jewish and Muslim communities, as well as at the locations of planned protests.
Lawyers for a man who is also under investigation in the 2007 disappearance of British toddler Madeleine McCann called on Monday for him to be acquitted in his trial on charges of unrelated sexual offences.
Christopher Ciccone, a multihyphenate artist, dancer, designer and younger brother of Madonna, has died. He was 63.
A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.
Israelis were holding vigils and sombre ceremonies on Monday to mark a year since the Oct. 7, 2023, Hamas attack, the deadliest in the country's history, which sparked the war in Gaza and scarred Israelis indelibly.
The Oct. 7 attack by Hamas fighters on Israel last year, and the immediate Israeli retaliation that followed, sent shockwaves throughout the world that have shaken Canada culturally and politically.
Being an armchair detective has turned into an American obsession, fueled by an abundance of true-crime content in podcasts and television series. But some of those projects have sparked actual legal developments.
'Eat more vegetables,' doctors and dietitians say over and over. But for many people, it鈥檚 hard to do, because they aren鈥檛 excited about veggies or just don鈥檛 like them.
On the anniversary of the Hamas-led attacks in Israel, police departments in cities across Canada are increasing their presence in Jewish and Muslim communities, as well as at the locations of planned protests.
As millions in federal funding flow into a Labrador group whose claims of Inuit identity have been rejected by Indigenous organizations across Canada, a national Inuit leader worries the Liberal government is putting the rights of Indigenous Peoples at risk.
A 54-year-old inmate at the Toronto South Detention Centre has been charged in connection with a deadly jail beating late last week that claimed the life of a 69-year-old prisoner.
The Archbishop of Toronto is among 21 new cardinals Pope Francis named Sunday and the lone new cardinal from North America.
A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.
In a display of strength and perseverance, a Cambridge, Ont. resident has completed a unique aquatic challenge.
Palestinian militants in Gaza fired a barrage of rockets into Israel on Monday as mourners marked the anniversary of the Oct. 7 attack, without disrupting a nearby ceremony.
A British doctor on Monday admitted trying to kill his mother's long-term partner, who stood between him and an inheritance, by injecting the man with poison disguised as a COVID-19 vaccine.
Ukraine's military claimed it struck a major oil terminal Monday in Crimea that provides fuel for Russia's war effort as Ukrainian President Volodymyr Zelenskyy said the war has entered a key phase.
Lawyers for a man who is also under investigation in the 2007 disappearance of British toddler Madeleine McCann called on Monday for him to be acquitted in his trial on charges of unrelated sexual offences.
Fighting between the Sudanese military and its rival paramilitary in Sudan 's North Darfur killed at least 13 children and injured four others, UNICEF said.
Israelis were holding vigils and sombre ceremonies on Monday to mark a year since the Oct. 7, 2023, Hamas attack, the deadliest in the country's history, which sparked the war in Gaza and scarred Israelis indelibly.
The Oct. 7 attack by Hamas fighters on Israel last year, and the immediate Israeli retaliation that followed, sent shockwaves throughout the world that have shaken Canada culturally and politically.
A federal inquiry into foreign interference is slated to hear today from security officials working in the office that supports the prime minister.
Justin Trudeau will travel to Laos later this week for the ASEAN summit, marking what his office says will be the first official visit of a Canadian prime minister to the Southeast Asian country.
The Canadian Food Inspection Agency has issued a recall due to possible Listeria contamination for more than a dozen brands of beef jelly tongue products sold in Ontario.
Rebecca Bruzzese came down with COVID-19 in February 2023, and received her injection at the end of March. 'Being able to recognize smells is something we take for granted, until you can鈥檛.'
A British doctor on Monday admitted trying to kill his mother's long-term partner, who stood between him and an inheritance, by injecting the man with poison disguised as a COVID-19 vaccine.
Scientists announced on Thursday a milestone in neurobiological research with the mapping of the entire brain of an adult fruit fly, a feat that may provide insight into brains across the animal kingdom, including people.
For humans, flashing a smile is an easy way to avoid misunderstanding. And, according to a new study, bottlenose dolphins may use a similar tactic while playing with each other.
Alphabet's Google is testing showing check marks next to certain companies on its search results, a company spokesperson said on Friday, in a move aimed at helping users identify verified sources and steer clear of fake websites.
Christopher Ciccone, a multihyphenate artist, dancer, designer and younger brother of Madonna, has died. He was 63.
Donald Glover has cancelled the remaining dates of Childish Gambino鈥檚 North American and European tour.
'Joker: Folie a Deux' is the No. 1 movie at the box office, but it might not be destined for a happy ending.
Financial strain can be an uncomfortable burden to bear, especially if you feel that you're doing as much as you can and are barely managing to stay afloat. Personal finance contributor Christopher Liew shares some tips for managing financial stress and digging your way out of debt.
Yugali Bharote starts her day in the kitchen, preparing lunch boxes for her sons bound for school 鈥 but she doesn鈥檛 stop there. She then prepares almost a dozen lunch boxes for customers who have subscribed to her homemade meals.
Dubai's Emirates airline has banned pagers and walkie-talkies from its planes, following last month's attacks on such devices carried by the Lebanese militant group Hezbollah.
'Eat more vegetables,' doctors and dietitians say over and over. But for many people, it鈥檚 hard to do, because they aren鈥檛 excited about veggies or just don鈥檛 like them.
Travelling on a budget can be stressful, but there are ways you can ensure you're getting the best deal on flights as the holiday season approaches.
A five-seat sushi counter located inside another restaurant is the latest Vancouver eatery to receive a Michelin star.
During the Los Angeles Lakers' preseason game against the Phoenix Suns, LeBron and Bronny James became the first father/son duo to play together on an NBA team.
It took 30 days, nine hours and 59 minutes for Lachlan Morton to complete a full lap 鈥 just over 8,800 miles or 14,200 kilometres 鈥 of his vast country in record time, arriving back in his hometown of Port Macquarie on Saturday. But you can forgive him for thinking that it鈥檚 been longer.
The Carleton Ravens came within a field goal of their first Panda Game victory since 2017, but ultimately came short of breaking the University of Ottawa Gee Gees winning streak on Sunday.
New data from the Insurance Bureau of Canada (IBC) shows that even though claims for auto theft dropped in the first half of 2024 compared to their 2023 peak, the rates of reported theft remain well above those of years prior.
Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
A Pickering, Ont., student going to college to be a mechanic is shocked the engine in his two-year-old car will not be repaired under warranty after the dealership claimed he had been 'over-revving' the engine.
Bernie Hicks, known as the 鈥楤atman of Amherst,鈥 always wanted to sit in a Batmobile until a kind stranger made it happen.
Bubi鈥檚 Awesome Eats, located on University Ave West took to social media to announce the closure on Friday.
Weeneebayko Area Health Authority and the Government of Ontario have awarded a $1.8 billion fixed-price contract to design, build and finance a new Far North hospital.
Some Manitobans are cleaning up Sunday morning, after intense winds barreled through southern parts of the province Saturday.
Avry Wortman, 13, scored two touchdowns on Sunday during her team's win in the under 14 Greater Moncton Football Association.
A gargantuan gourd 鈥 affectionately named 鈥極rangina鈥 by the urban gardeners who grew it in the front yard of their Vancouver home 鈥 earned the massive honour of being named B.C.鈥檚 heaviest giant pumpkin Saturday.
Chantal Kreviazuk is set to return to Winnipeg to mark a major milestone in her illustrious musical career.
From the beaches of Cannes to the bustling streets of New York City, a new film by a trio of Manitoba directors has toured the international film festival circuit to much pomp and circumstance.
A husband and wife have been on the road trip of a lifetime and have decided to stop in Saskatchewan for the winter.
A man parked a minivan in front of Vancouver City Hall Sunday evening and set it ablaze, according to police.
A man stole a police car and drove it onto the field of an East Vancouver park Sunday morning, placing 鈥渄ozens of bystanders in harm鈥檚 way,鈥 according to police.
All that was left of a downtown Langley restaurant Sunday was a pile of rubble behind a blue fence, after a massive fire tore through it the morning before.
Lawyers representing the Ontario man accused of selling hundreds of suicide kits with deadly effect around the globe have filed to intervene in a case in Canada鈥檚 highest court, arguing there is no way he can be charged with murder under Canadian law.
One person has been taken to hospital with life-threatening injuries after a crash in Etobicoke early Monday morning.
A man has died following a two-vehicle collision in North York on Sunday night.
Opponents to blanket rezoning in Calgary are inviting members of the public to learn more about the next steps in the fight against the controversial plan.
Lethbridge police are looking for a 32-year-old man they say escaped from a psychiatric ward at the Chinook Regional Hospital.
An investigation is underway into a fire and explosion that took place Saturday night in northeast Calgary.
A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.
Trial running begins today on the Trillium Line, one of the final steps before Ottawa鈥檚 new north-south line opens to the public. 鈥淭his is TransitNEXT鈥檚 final exam, and it will be a rigorous one,鈥 Renee Amilcar, Transit Services general manager, told councillors and the media last Thursday.
The Ottawa Police Service says there were "no significant incidents to report," following the 55th Panda Game in Ottawa.
Alexandre Look, a 33-year-old Montreal native, was among the concertgoers who were murdered a year ago Monday at the Supernova music festival during a brutal assault on Israel carried out by Hamas militants. He is among at least eight people, either Canadian citizens or with ties to Canada, who died during the Oct. 7 attacks.
Montreal public works crews are on the scene of a watermain break in the Plateau right next to Parc La Fontaine.
A business in Montreal's Verdun borough was the target of an arson attack on Sunday night. Thanks to the rapid intervention of the police, the damage was minor, and there were no injuries.
Alberta RCMP say there is no active shooter in the Buffalo Lake M茅tis Settlement.
The people of Fort Chipewyan believe the federal government knew its water was contaminated and hid the issue for years. Now the chief of the Athabasca Chipewyan First Nation is leading the call for immediate action.
Canadian Natural Resources Ltd. has signed a deal to buy Chevron Canada Ltd.'s interests in the Athabasca Oil Sands Project and Duvernay shale for US$6.5 billion.
The eight sons of Richard and Sarah Harvie from Gormanville, N.S., are believed to be the most siblings from one family, from either North America or the British Commonwealth, to serve in the Second World War.
New Brunswick's Liberal and Green parties are set to make announcements about health care on the campaign trail today as the provincial election race enters its second half.
The New Brunswick RCMP says a woman who went missing from Wards Creek over the weekend has been found safe.
Some Manitobans are cleaning up Sunday morning, after intense winds barreled through southern parts of the province Saturday.
For the 52nd week, pro-Palestinian protesters rallied in Winnipeg, calling for peace in the Middle East amid the ongoing Israel-Hamas war.
Winnipeg fire crews responded to a pair of blazes on Sunday, including one at a home that has been the site of multiple fires.
As Saskatchewan's population grows, a number of new constituencies have been created to account for larger numbers in certain areas, including within Regina and Saskatoon.
Saturday was not an ideal fall day for the residents of southern Saskatchewan 鈥 as winds reaching highway speeds were reported.
The Saskatchewan Roughriders have clinched a playoff spot thanks to a win over the Edmonton Elks.
According to police, officers responded to reports of a stabbing in the area of Victoria Street North and St. Ledger Street around 5:30 a.m. Sunday.
In a display of strength and perseverance, a Cambridge, Ont. resident has completed a unique aquatic challenge.
Emergency services were called to the area of Stone Road West and Chancellors Way around 1:20 a.m. Sunday for a report of a single motor vehicle collision.
As Saskatchewan's population grows, a number of new constituencies have been created to account for larger numbers in certain areas, including within Regina and Saskatoon.
A permanent memorial at the site of the 2018 Humboldt Broncos bus crash is about to be a step closer.
The Saskatchewan Roughriders have clinched a playoff spot thanks to a win over the Edmonton Elks.
One person was taken to hospital after a vehicle collided with a moose on MR80 in Greater Sudbury on Saturday evening.
Weeneebayko Area Health Authority and the Government of Ontario have awarded a $1.8 billion fixed-price contract to design, build and finance a new Far North hospital.
Greater Sudbury in partnership with the Organization for Economic Co-operation and Development, is hosting the organization's annual mining conference.
Hurricane Milton strengthens into a Category 4 storm, and Florida could see dangerous storm surge, forecasters say.
Permanent funding provided to London Health Sciences Centre (LHSC) and other hubs hopes to improve quality of life for patients on ventilators.
The Canadian Food Inspection Agency has issued a recall due to possible Listeria contamination for more than a dozen brands of beef jelly tongue products sold in Ontario.
Emergency crews are on scene of a two-vehicle crash involving a dump truck in New Tecumseth.
Barrie residents are urged to take an online survey - or answer the phone when pollsters call - for an opinion on how tax dollars should be spent.
Fire crews are investigating a Saturday evening fire at a barn in Oro-Medonte.
Hurricane Milton strengthens into a Category 4 storm, and Florida could see dangerous storm surge, forecasters say.
Just before 7 a.m. Sunday, OPP responded to the scene where officers said a vehicle struck a pedestrian on County Road 18 near Britton Road in Essex.
Bubi鈥檚 Awesome Eats, located on University Ave West took to social media to announce the closure on Friday.
NDP Leader David Eby promised Sunday to support police in British Columbia to keep illegal guns off the streets and protect communities, but accused B.C. Conservative Leader John Rustad of planning to make the province less safe.
The calculus of predicting an election and identifying its key battlegrounds is complex enough in any race, but observers of the British Columbia poll this month are facing a pair of unknown quantities that make the math even more confounding.
Police on Vancouver Island have made an arrest in the case of a 78-year-old woman found dead in her home almost two years ago.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
NDP Leader David Eby is promising to offer a $75-million loan forgiveness program to entice doctors, nurses and heath professionals to expand health-care services in rural British Columbia.
Three young suspects have been arrested in connection with a swarming attack on a teenager in B.C.'s Okanagan last week 鈥 and authorities have asked the public to stop circulating disturbing videos of the incident.
Lethbridge police are looking for a 32-year-old man they say escaped from a psychiatric ward at the Chinook Regional Hospital.
While the summer may be over, construction season in Lethbridge is not.
Lethbridge police executed dozens of warrants and laid numerous charges in another targeted enforcement project in the downtown area.
As part of an ongoing investigation, provincial police are seeking the public鈥檚 assistance in locating a Kubota tractor stolen in North Shore Township, Ont., last month.
A 33-year-old man was arrested Saturday for allegedly spraying bear mace at three individuals in northwestern Ontario.
A drug raid on a home on the Far North Attawapiskat First Nation last week resulted in two local residents being charged and more than $50,000 in suspected narcotics, including methamphetamine, being seized.
As millions in federal funding flow into a Labrador group whose claims of Inuit identity have been rejected by Indigenous organizations across Canada, a national Inuit leader worries the Liberal government is putting the rights of Indigenous Peoples at risk.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people鈥檚 basic human right to food.
The Shopping Trends team is independent of the journalists at 麻豆影视. We may earn a commission when you use our links to shop.聽Read about us.
