China’s Xi Engulfed in Crises Just When He Wanted Stability Most
- China’s housing market is slumping and the economy is slowing
- Russian invasion of Ukraine also adding to instability
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Chinese President Xi Jinping has spent much of the past decade focused on stability. But as he lays the ground for a likely third term as leader, he’s facing more crises than ever, both at home and abroad.
The economy is being dragged down to its weakest growth in more than three decades, barring 2020’s pandemic year. The housing market is in crisis, with mounting defaults. A crackdown on the country’s biggest technology companies has scared off investors. And now Russia’s invasion of Ukraine is forcing China to reassess its support for Vladimir Putin, while managing increasingly fraught ties with the U.S.