Thread: A brief history of Xi Jinping"s economic failures

Since he assumed power in March 2013, Xi Jinping has repeatedly attempted to transform China's economy to institute reforms that would shift the basis for future growth.
Each time he has failed and each time he has been forced to revert to the old model – a debt-driven stimulus program revolving around infrastructure and construction.

• On at least two occasions his banking sector reforms designed to limit risky loans backfired. The banking system has seized, forcing the central bank to inject liquidity, which then caused an explosion of high-risk lending.

• Efforts to make it easier for Chinese firms to invest offshore resulted in massive capital outflows, a series of questionable investments in everything from real estate to resources and the re-imposition of capital controls.

• His plan to fire up local stock markets by cutting restrictions on new floats resulted in a huge bubble on Shanghai and Shenzen markets which burst spectacularly in 2015.

• And efforts to promote the renminbi as a global currency foundered when massive outflows again threatened financial stability, forcing a retreat.

• Then there was the much-trumpeted goal of transforming China from a global factory of cheap exports into a western-style consumer economy. No-one mentions that now.

But the well-worn path of government infrastructure is beginning to wear thin.
Growth has declined sharply from 14 per cent in 2007 to just over 6 per cent prior to the onset of the pandemic.

And for every yuan invested in government-funded infrastructure, the returns have fallen sharply.

China'''s war on everything turns towards its own tycoons, with Jack Ma being a prime example - ABC News

Not China bashing, just a partial look at the recent history of attempted economic reform in China.