Why Xi Can No Longer Brag About the Chinese Economy

Nov. 14, 2023 12:01 am ET

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In 2021, Chinese President Xi Jinping popularized a slogan signifying China’s expected displacement of the U.S. as the world’s leading economic power: “The East is rising, the West is declining.”

China that year had largely suppressed the Covid-19 pandemic and went on to record its fastest growth in a decade, while the U.S. struggled with repeated outbreaks of Covid and surging inflation. On the eve of a virtual meeting with President Biden at an Asia Pacific summit that fall, Xi was formally enshrined as China’s most powerful leader in a generation. Biden still labored under the shadow of his predecessor’s failed attempt to stay in office.

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