Beijing/London: A leading UK daily claims that China’s ruling Communist Party (CCP) and President Xi Jinping’s plan to maintain global economic supremacy has failed. The daily called ‘The Telegraph’ has drawn attention to the possibility of China’s economy recovering after Covid, being currently unlikely, and foreign companies and major investors have been rapidly moving out of China. The UK newspaper has said most of President Xi’s decisions regarding China’s economy have failed, and the world’s top countries have taken steps to avoid the threat from China.  

Many financial institutions and economists had estimated that after lifting Covid restrictions, China’s economy would boom, and the process of the global economy’s recovery would begin. However, the figures emerging from China are disappointing. Moreover, information regarding China’s decline in manufacturing, retail, investment and housing sectors was released last month. Later, it also came to light that the number of unemployed people in China had increased significantly. This number continues to rise through May, and there has been a big decline in industrial production and retail sales.  

As key sectors of the economy continue to decline, companies and investors, along with Western countries, have gradually begun to move away from China. Many foreign companies have cancelled their registration from China’s stock markets, and large companies have started setting up their offices in India, Southeast Asia and other countries. These key sectors have been coping with the economic crisis by taking action in the real estate and technology sectors.

On the other hand, the US, European nations and their allies have started taking more and more caution regarding China. Many countries, including the ones in Europe, have begun referring to China as a threat. The intensity of the trade war started by former US President Donald Trump against China has lessened, yet the US has not stopped taking action against Chinese companies. On the contrary, the US has been making more laws to drive Chinese companies out of the country.

Furthermore, ‘The Telegraph’ has said in the article that China’s Communist regime, as well as Xi Jinping’s ideology and incorrect decisions, are responsible for the change in policy by the Western countries policy, which once had described relations with China as the Golden Age.

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