In the age of disinformation and artificial information, Jeff Bezos’ Washington Post (WaPo) manages to have some credibility. After its February 22 editorial, “Mr. Xi is tanking China’s economy,” Jeff Bezos would be wise to sell the newspaper. If those who lead the Editorial Board make childish mistakes and recite obvious falsehoods, can anyone believe in what they read?
Before scolding WAPO’s spurious description of Xi’s world, in which none of the charges are backed with proof, permit the presentation of one of the most serious errors in journalism history. Doubtful the WaPo staff will ever recover from this faux pas. The editorial states:
China recorded a respectable 5.2 percent economic growth rate last year, but the real rate is lower when adjusted for falling prices. Rather than being an economic juggernaut, China seems likely to be entering a period of deflation, the sorts of conditions that led to Japan’s “lost decade.”
Having the real rate of growth to go down with deflation is equivalent to having an auto slow down when the gas pedal is more heavily pressed. How many hands, eyeballs, and minds at WAPO did not know that “inflation occurs when nominal GDP is higher than real GDP and deflation happens when real GDP is higher than nominal GDP.”
Real GDP= Nominal GDP/R
where: GDP=Gross domestic product
R=GDP deflator (R<1 during deflation and >1 during inflation)
Examine the opening paragraph:
For the past decade, Americans have worried increasingly about China, not least because Chinese President Xi Jinping has centralized power, silenced critics, stalled private-sector reforms and taken an increasingly combative posture toward the rest of the world
Saying that Xi Jinping silenced critics, without specifying who and how is meaningless. To gain office, all politicians try to overcome critics. A good politician silences critics. China is different; the government runs on consensus, and when a decision is made, including who will be president, there are no remaining critics.
Again, without specifying the nature of Xi’s “increasingly combative posture toward the rest of the world?” how can his nature be evaluated? Have the Africans, Latinos, Europeans, Eskimos, and most of Asia found Xi combative or does the WaPo editorial board think Washington is the world?
Instead, Mr. Xi’s China is less free, less prosperous and less competently governed than it would have been had he taken a different course — one not inspired by rivalry with the West or fear of his own people.
“Mr. Xi’s China is less free.”
The intentional insult of replacing President Xi with Mr. XI demeans WaPo.
Western media always considered China devoid of freedom. How can a country be less free when it has always been considered not free? Consider who is setting the criteria and doing the evaluation. If Chinese authorities set the criteria and evaluated freedom in the United States how would they consider freedom of thought in the U.S. after the rise of Trumpism and his cohorts?
“Less prosperous.”
GDP is up 60 percent since Xi’s time in office; how could Xi have made China “less prosperous?”
China GDP (Trillions of US Dollars)
From Trading Economics
“and less competently governed than it would have been had he taken a different course.”
How does anyone know what will happen and what is the different course?” This is speculative speculation, a ridiculous assumption that does not pass the smell test.
Despite Mr. Xi lifting the world’s most draconian COVID-19 restrictions at the end of 2022, construction in China has slowed, manufacturing prices have declined and consumer spending has flattened. China’s stock market has lost $6 trillion in value in three years.
Reciting a decline in manufacturing prices and a flattening of consumer spending, as if they are always negatives, is not clever thinking. If a recession occurred, then they might be a result of an economic decline. No recession has occurred and their relation is due to consumer prices having dropped, maybe due to increased efficiency and productivity. Consumer transactions have increased and the total sales remained static, or did they? Beijing reports contradictory information and data does not indicate a flattening of consumer spending.
Robust consumption has been thriving and helping to underpin China’s economic recovery, while the country is energetically spurring consumer spending to strengthen one of the pillars needed to support high-quality growth. China’s total retail sales of consumer goods, a major indicator of the country’s consumption strength, climbed 7.2 percent year on year to reach 47.15 trillion yuan (about 6.63 trillion U.S. dollars) in 2023, an obvious sign of the Chinese people’s growing readiness to purchase.
China Consumer-spending in CNY hundred million
As for the stock market, it lost popularity in 2009, long before Xi Jinping gained the presidential office, exhibited a 100 percent increase in a year after he took the helm, and has been static since then. Nothing significant there.
The last of many spurious remarks
To reduce the falling birthrate, he prefers exhorting young women to stay home and have more babies as their patriotic duty.
Another insulting remark to a nation’s president. Falling birthrate is a problem in all advanced nations, and no country seems to have a solution. A mendacious and callous WaPo distorted Xi’s words. At a recent All-China Women’s Federation meeting, President Xi Jinping told the cadres:
…to “guide women to play their roles in carrying forward the traditional virtues of the Chinese nation” and “in establishing good family traditions.” They should “actively cultivate a new culture of marriage and child-bearing” among women, so they can “respond to the aging of the population.”
Big difference between WaPo’s interpretation and the actual spoken words.
The experts on Xi Jinping China follow up the bashing with tools for him to use, and advice on how Xi can extricate himself and his nation from the damage he caused. Imagined failures solicit imagination of how to cure a patient who is not sick. Noting that, since 1978, except for one year during the COVID-19 epidemic, China had no recessions, while the U.S. suffered a recession every ten years, I doubt the Chinese government needs lectures on how to run their economy. China has a major housing crisis, not much different in scope than the 2008 mortgage crisis in the United States. The latter crisis provoked a huge banking crisis and sent the U.S. into a major recession. China’s housing crisis is now several years old and has not provoked a banking or economic crisis.
Describing people in a totally negative manner and not reciting known positive characteristics is biased editorializing. Xi has guided China to become the leading world power outdistancing the U.S. in the more important GDP/PPP.
Gross Domestic Product at Purchasing Power parity ($Trillions)
https://en.wikipedia.org/wiki/
Xi probably was not personally involved and criticizing him for “the world’s most draconian COVID-19 restrictions at the end of 2022,” is a subjective appraisal. An objective appraisal mentions his administration’s holding the number of Covid cases to 503,302 and deaths to 5,272 compared to U.S. cases of 111,426,318 and deaths of 1,199,436. Use per capita figures of 90,273 cases/1 million population and 896 deaths/1 million population for China and 333,802 cases/1 million population and 3,582 deaths/1 million population for the United States, and a bright light shines on China’s president.
The WaPo editorial, “Mr. Xi is tanking China’s economy,” is informative. It informs us that WaPo cannot be trusted. It has an agenda and will distort, lie, do somersaults, and deceive its audience to pursue the agenda.
When will we be free from China bashing?