A Not-So-Golden Week for Chinese President Xi
Photographer: Lintao Zhang/Getty Images
As China gets ready for Golden Week holidays starting tomorrow, President Xi Jinping won’t have much time to rest.
His government is dealing with a debt crisis roiling the property market, a power crunch closing factories and the country’s first manufacturing slowdown since the pandemic began.
The biggest immediate risk is from developer China Evergrande, which has given no sign that it has paid more than $120 million due this month on two separate bonds. A collapse of the company threatens to leave 1.5 million buyers waiting for unfinished homes.