The economy according to Xi Jinping: a technological ‘leap forward’
The economy according to Xi Jinping: a technological ‘leap forward’

Author(s): Maciej Kalwasiński
Subject(s): Politics, Governance, Geopolitics
Published by: OSW Ośrodek Studiów Wschodnich im. Marka Karpia
Keywords: Xi Jinping; China
Summary/Abstract: In the vision for the economy presented by the leadership of the Chinese Communist Party (CCP) at the Third Plenum of the 20th Central Committee (CC), technological progress is portrayed as the solution to the major issues affecting the People’s Republic of China and the concerns of its government. The party did not seize the event as an opportunity to present concrete solutions to China’s structural problems or to improve its current economic situation. Instead, preparations for a confrontation with the US remain the party’s unwavering priority. For Beijing, the ultimate goal of modernising the Chinese economy is to enhance the state’s security and to discover new sources of productivity. Technologies developed and upgraded within China, alongside the expansion of its industrial base, are crucial in achieving this. This is expected to reduce China's reliance on foreign supplies, to make industrial development the new driving force of economic growth and to secure China’s position as the global leader in innovation. This all comes at the expense of the Chinese people’s prosperity. When faced with the choice whether to combat the fundamental problem of low consumption or strengthen the ‘fortress’ which is being besieged by the US, Beijing has opted for a technological ‘leap forward’. This strategy is likely to escalate trade disputes with other countries that are affected by Beijing’s industrial policy and fear a ‘China shock 2.0’.

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