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Xi Jinping, the General Secretary of the Chinese Communist Party, recently emphasized the idea of “internal economic circulation,” meaning having domestic sectors provide all the goods needed for Chinese consumption, from raw materials to manufacturing. This sparked public concern. Experts believe that the majority of people in China have limited income and purchasing power, and if the CCP wants to emphasize on domestic circulation to save its economy, then China may return to the “state of closure” from 40 years ago.

On July 30, Xi Jinping once again emphasized in the Politburo meeting that the economy will rely on the domestic market and focus on internal circulation to stabilize the economy in China. This is the third time in the last two months that Xi has mentioned it. Experts think that Beijing is trying to use internal circulation as an “antidote” to the economic impasse in which the CCP finds itself.

Ren Zhong-Dao, a researcher at Dailymotion, believes that while facing global sanctions and gradually becoming an isolated country, the CCP has no choice but to make a claim to deceive its people. In fact, it is going back to the “state of closure”. “Since 1979, all western countries have been supporting China and helping China develop economically. But all these countries have left China now because of the CCP’s evil deeds. The CCP has no other choice but to bluff, saying that they will survive by having internal economic circulation and internal consumer markets,” he said.
China’s economy and employment heavily relies on exports. On June 28, the Premier of China, Li Keqiang, admitted in a meeting with government officials and enterprise executives that the foreign trade environment is still grave and complex, and it is necessary to help large enterprises solve foreign trade problems in order to stabilize employment. He also warned in the meeting that development behind closed doors is not going to work.

Ren indicated that although there are 1.4 billion Chinese people, they do not have enough purchasing power. If there is no foreign trade, China’s internal circulation will become a dead circulation. Coupled with economic depression and massive unemployment, the Chinese people, who are impoverished by the CCP, will also lose their desire to consume. He said, “The citizens will not want to consume and will be afraid of spending money. Their financial situation is not great, they face unemployment and have large debts and mortgages. When the consumer markets are not active, the so-called internal circulation will not work.”

On July 31, the Agence France-Presse (AFP) quoted an analysis saying that high ranking CCP officials had no choice but to emphasize on internal economic circulation because the CCP is now facing the dilemma of decoupling. Lao Mang, a well-known finance blogger in China, wrote an article that the “internal economic circulation” would send China’s economy back to 40 years ago overnight.

#Economy #WTO #US #XiJinping

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