“Xi Jinping has placed the Communist Party—and himself—in greater command of China’s economy over the past decade. Now his centralization of power is delaying the country’s response to its worst economic slowdown in years,” the Wall Street Journal reports.
“Officials in charge of day-to-day economic affairs have been holding increasingly urgent meetings in recent months to discuss ways to address the deteriorating outlook.”
“Yet despite advice from leading Chinese economists to take bolder action, the people said, senior Chinese officials have been unable to roll out major stimulus or make significant policy changes because they don’t have sufficient authority to do so, with economic decision-making increasingly controlled by Xi himself.”
