Top Points:
Xi Jinping’s Economic Policies: Xi Jinping's centralization of power and shift back to a socialist economic model have led to a significant decline in China's economic growth. His distrust of entrepreneurs and preference for loyalty over competency has eroded investor confidence and led to a substantial outflow of funds.
Biden’s Policy Inconsistencies: The Biden administration's China policy lacks clarity and consistency. While maintaining some of Trump’s policies, Biden's administration has also encouraged investment in China, undermining their stance on human rights violations and further deepening U.S. dependency on China through green initiatives.
Military and Geopolitical Aggression: Under Biden's term, China's military capabilities and geopolitical aggression have increased. Despite China's economic struggles, its military expansion continues, and Xi’s support of Russia has sustained global tensions. This aggression, coupled with Biden's perceived weakness, suggests a new Cold War on America’s doorstep.
Full Report:
The Biden administration’s China policy has failed, while China's economic downturn is self-inflicted.
During President Joe Biden’s recent address announcing his withdrawal from re-election, he claimed credit for China's economy not surpassing the U.S. economy. However, this decline is due to Chinese leader Xi Jinping’s flawed policies, not Biden’s efforts.
Xi’s Policies and Economic Decline
Xi Jinping’s distrust of entrepreneurs and economic reform has driven China back to a socialist model reminiscent of Mao. Prioritizing loyalty over competency and national security over economic growth, Xi has centralized power, causing a crisis of confidence in China’s economy not seen since 1978, according to Minxin Pei of Claremont McKenna College.
China’s economic growth has declined from double-digits in the ’90s and early 2000s to single digits since Xi took control in 2013, long before Biden's presidency. Xi’s crackdown on tech companies, the disappearance of prominent tycoons, and intervention in the property market have further dampened investor confidence, leading to significant outflows of funds.
Youth Unemployment and Demographic Crisis
Xi’s "zero Covid" policy inflicted severe damage on China’s economy, leading to a youth unemployment rate of 22% in June 2023 and a demographic crisis with a declining population. These factors limited China’s economic growth to 3% in 2022, its worst since 1976.
Biden’s Policy Shortcomings
Despite China’s self-inflicted woes, the Biden administration's China policy lacks clarity and consistency. While continuing some of Trump’s policies, like blacklisting Chinese companies over human rights violations, Biden's administration has also encouraged American businesses to invest in China, as U.S. Commerce Secretary Gina Raimondo did during her visit to China last year.
Biden's green initiatives have ironically strengthened U.S. dependency on China, which dominates the global supply chain for solar panels, wind turbines, and EV batteries due to its exploitation of slave labor.
Military and Geopolitical Aggression
China’s military capabilities have expanded under Biden’s term. The 2023 China Military Power Report estimates China now has over 500 operational nuclear warheads. Additionally, Xi’s economic and military support of Russia has sustained Putin’s invasion of Ukraine, and China’s aggressive tactics in the South China Sea have increased geopolitical tensions.
Conclusion
While Biden claims success in his China policy, the reality is that China’s economic struggles are self-inflicted. As Vice President Kamala Harris, who has worked closely with Biden, is the presumed Democratic nominee, her foreign policy record, particularly on China, requires thorough scrutiny as the election approaches.
Original Story by Helen Raleigh, The Federalist
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