The world's second biggest economy grapples with drought and a real estate sector suffering from running up debt, all made worse by Bejing's rigid zero-Covid policy. | Analysis by Laura He
A version of this story appeared in CNN's Meanwhile in China newsletter, a three-times-a-week update exploring what you need to know about the country's rise and how it impacts the world. Sign up here.The world's second biggest economy is grappling with the impact of severe drought and its vast real estate sector is suffering the consequences of running up too much debt.
At a ceremony in 2020, Xi proclaimed that China's success in containing the virus was proof of the Communist Party's "superiority" over Western democracy.But the premature declaration of victory has come back to haunt him, as the highly transmissible Omicron variant makes the zero-Covid policy less effective.However, giving up on zero-Covid doesn't seem like an option for Xi, who this year has repeatedly put greater emphasis on defeating the virus than rescuing the economy.
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