Eurasia Review on Nostr: PRC At 75: Did Hu’s Bailout Cause China’s Current Economic Woes? – Analysis ...
PRC At 75: Did Hu’s Bailout Cause China’s Current Economic Woes? – Analysis
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Former Chinese President Hu Jintao and Premier Wen Jiabao implemented a 4 trillion yuan (US$586 billion) fiscal stimulus package post-2008 financial crisis; this package is credited with boosting China's economy, which grew at over 10% annually from 2003 to 2012; however, critics argue it led to increased government debt, inflation, and a collapsed property bubble; Xia Ming, a politics professor, links current economic issues to strategic mistakes made post-2008; Wen warned of local government debt issues as early as 2010; Hu's era saw a rise in internet users and civic engagement, but also increased state control and repression; Hu promoted Xi Jinping to the Politburo Standing Committee, setting the stage for Xi's leadership; Hu's attempts at reform, including direct elections for rural party secretaries, were limited; the Communist Party's totalitarian nature remained unchanged despite some liberal tendencies during Hu's tenure.
#China #HuJintao #WenJiabao #EconomicPolicy #Politics #GovernmentDebt #PropertyBubble #XiJinping #Repression #Internet
https://www.eurasiareview.com/15102024-prc-at-75-did-hus-bailout-cause-chinas-current-economic-woes-analysis/
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Former Chinese President Hu Jintao and Premier Wen Jiabao implemented a 4 trillion yuan (US$586 billion) fiscal stimulus package post-2008 financial crisis; this package is credited with boosting China's economy, which grew at over 10% annually from 2003 to 2012; however, critics argue it led to increased government debt, inflation, and a collapsed property bubble; Xia Ming, a politics professor, links current economic issues to strategic mistakes made post-2008; Wen warned of local government debt issues as early as 2010; Hu's era saw a rise in internet users and civic engagement, but also increased state control and repression; Hu promoted Xi Jinping to the Politburo Standing Committee, setting the stage for Xi's leadership; Hu's attempts at reform, including direct elections for rural party secretaries, were limited; the Communist Party's totalitarian nature remained unchanged despite some liberal tendencies during Hu's tenure.
#China #HuJintao #WenJiabao #EconomicPolicy #Politics #GovernmentDebt #PropertyBubble #XiJinping #Repression #Internet
https://www.eurasiareview.com/15102024-prc-at-75-did-hus-bailout-cause-chinas-current-economic-woes-analysis/