This is a China news story, published by Foreign Affairs, that relates primarily to Xi news.
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Chinese governmentForeign Affairs
•75% Informative
Many economists outside China believe that it must recalibrate its development model by making it far more market-oriented and driven by consumer spending.
But Xi Jinping ’s Chinese Communist Party ( CCP ) cannot accept the political and institutional changes that such a recalibration would require.
Xi has chosen a growth strategy centered on industrial policy, aimed at boosting “new productive forces”.
Some government outlays will undoubtedly go toward boosting successful enterprises, but China ’s top-down style of governance, its statist economic philosophy, and its preponderance of corruption mean that a great deal of the investment is likely to end up in waste and loss.
Estimates by the Center for Strategic and International Studies suggest that industrial policy subsidies amounted to about 1.7 percent of GDP in 2019 .
New “productive forces”-focused industrial policy will also fail to address the systemic weaknesses that have put China ’s economy in danger.
It will encourage overproduction and expansion in industries with relatively low labor input, it will be unlikely to reverse the tide of jobs flowing out of other forms of manufacturing and construction into lower-paid, lower-skill sectors such as delivery, ride-hailing, and selling products on online platforms.
The emphasis on industrial policy also fails to address serious damage that Xi 's repressive governance has wrought.
VR Score
85
Informative language
90
Neutral language
39
Article tone
semi-formal
Language
English
Language complexity
79
Offensive language
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Hate speech
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Attention-grabbing headline
not detected
Known propaganda techniques
not detected
Time-value
medium-lived
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