Chinese President Xi Jinping has told officials to ensure that the country’s economic growth outpaces the U.S.’s this year, according to people familiar with the discussions, even as its economy sags under its worst Covid-19 outbreak since the pandemic began, The Wall Street Journal writes.
In meetings over the past few weeks, Mr. Xi told senior economic and financial officials that ensuring that the economy is stable and growing is important because it is critical to show that China’s one-party system is a superior alternative to Western liberal democracy, and that the U.S. is declining both politically and economically.
In response to Mr. Xi’s call to rev up growth, Chinese government agencies are discussing plans to accelerate big construction projects, especially in the manufacturing, technology, energy and food sectors, as well as to issue coupons to individuals to spur consumer spending, the people said.
The U.S. economy outpaced China’s economy in the final quarter of 2021, growing 5.5% year-on-year compared with China’s 4.0%. President Biden claimed credit at the time by saying it was the first time in 20 years that the U.S. economy grew faster than the Chinese economy, which raised hackles among senior officials in Beijing.
China’s GDP grew 4.8% in the first quarter, though many economists say that number likely overstates the strength of the country’s economy.
