The economic situation in China has worsened in recent years, Van Rammeloo believes that there is little chance that Li can reverse this trend. “There was such optimism when Xi came to power. After years of economic growth, small businesses were bursting. Ten years later, China looks very different.’
State companies
There is currently a lot of uncertainty among the people, according to Rammeloo, this is partly the result of three turbulent corona years. The economy was already stabilising. But the corona has shaken the economic climate even more.’ The shaky economic position of many Chinese is also due to Xi’s policies. Former Prime Minister Li Keqiang wanted to encourage entrepreneurship, but Xi “wanted to keep all power with state-owned enterprises.”
Xi Jinping wanted to keep all power with state-owned companies
I split
The effects of this policy are slowly becoming visible. “Many young people can’t find a job right now,” says Rammeloo. “There is a huge gap between rich and poor. There are a lot of people who just can’t do it.’