China’s slowing economy ‘the biggest elephant in the room’, Kevin Rudd says
- Former Australian prime minister says China is dealing with ‘self-inflicted’ problems, including ‘poor policy choices’
- Rudd also says Beijing appears to have pulled a U-turn in its ‘common prosperity’ drive, saying the term has all but vanished as part of an economic course correction
Reversing the trend of a slowing economy is the biggest challenge facing China’s leadership this year, especially with the Communist Party’s national congress only months away, according to former Australian prime minister Kevin Rudd.
“In 2022, the biggest elephant in the room on this score remains the [Chinese] economy,” said Rudd, who is now president and CEO of the Asia Society, during an address to the New York-based non-profit organisation on May 9.
“China’s economic headwinds are therefore manifold, complex and strong – and in large part self-inflicted, due to a number of especially poor policy choices by China’s leadership.
“The prospect of a faltering economic growth is one that should worry Xi the most.”
President Xi Jinping is widely expected to stay on for a third term, which will be decided at the 20th national congress this autumn.
