Chinese Officials on High Alert for ‘Black Swan’ Situation: Xi Jinping
Chinese President Xi Jinping has notified the leaders of communist nations to be on high alert in case of ‘black swan’ events amidst a “complicated and sensitive external environment”. As China faces changes in international trade, senior officials have been urged to keep a check on social stability.
The meeting, which was held in Beijing, discussed China’s slowest economic growth in the past three decades. The effect of China’s trade war with the United States could be well-seen in the December 2018 growth.
China is considered to be the world’s second biggest economy. According to the official data published on Monday, the economy expanded 6.6% in 2018, marking the weakest annual performance since 1990.
On Monday, US President Donald Trump tweeted: “China posts slowest economic numbers since 1990 due to U.S. trade tensions and new policies. Makes so much sense for China to finally do a Real Deal, and stop playing around!”
In case a deal isn’t struck by March 1, Washington has threatened to impose higher tariffs of 25 percent on Chinese goods.
Xi Jinping has told the Chinese government ministries and leaders of his country that the economy of China looks good; however, it faces “new and worrisome developments”.
“Xi urged Party committees and governments at all levels to pursue a holistic approach to national security and follow the requirements of the CPC Central committee to ensure China’s political security,” the state news agency Xinhua reported.
After the figures were brought out in open, Shanghai and Hong Kong listed stocks rose modestly.
China Matters think tank chief executive Linda Jakobson said, “China’s economy is in a cyclical downturn phase. The economy means everything to them – their legitimacy and survival depends on it.”
Jakobson said that the threat by Washington of 25 percent tariffs was “causing jitters” in Beijing.
In December, Chinese exports saw a huge decline, when for the first time in 20 years annual car sales drastically went down.
The Chinese economic growth is expected to fall close to 6 percent this year.
While Donald Trump and Xi Jinping are trying to negotiate to end the trade war, it is unclear how China will be able to bounce back with a stronger economy, given the ‘black swan’ situation.
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