As his Chinese dream crumbles, Xi Jinping travels to America

 As his Chinese dream crumbles, Xi Jinping travels to America

Xi Jinping's previous landing on American territory took place a long time ago; things had changed significantly by the time he arrived in San Francisco for the APEC conference yesterday.

Five years ago, when Donald Trump hosted him for a lavish dinner at Mar-a-Lago, Mr. Xi was in control of a still imperial China.

Its economy was predicted to perform better than anticipated. It had the lowest unemployment rate in a long time. As he asserted his authority for a second term, Mr. Xi confidently mentioned China's "prosperous" growth model as an example for other nations to follow.

By then, what he refers to as his "Chinese dream" was starting to show cracks. Ever then, they have only grown larger.

Although there are little hopes for a significant breakthrough, one opinion is that Mr. Xi is in a much worse bargaining position this time around as a result.

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Following the Covid pandemic, the Chinese economy had a brief boom before slowing down. Its housing industry, which was once a major engine of prosperity, is now engulfed in a debt crisis, which is making the domestic "debt bomb" worse by adding to the years-long borrowing by state-owned businesses and local government. The reason for many of these problems is that China's long-awaited structural slump is now being acutely felt.

Over the last two years, there has been an increase in uncertainty as a result of crackdowns on large Chinese merchants and numerous economic sectors. Recently, they have also involved foreign individuals and businesses, which has caused worry in the global business world. In an effort to find greater investment returns, foreign corporations and investors are now relocating their capital out of China.

The rate of youth unemployment has risen to the point that government figures are no longer released. Young Chinese are talking of "lying flat" or leaving the nation in quest of better opportunities abroad, which is creating a fatalistic dilemma.

Mr. Xi is also having problems with his well-designed power structure. The sudden absence of senior military personnel and members of his leadership team may indicate a political purge or systemic malfeasance.

China's economy has fared better in the post-Covid recovery than that of the US, according to some commentators. Though economists increasingly doubt that China would surpass the United States as the world's greatest economy, Americans may have dreaded that day until recently.

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According to a study by Associate Professor Lee at Singapore's S Rajaratnam School of International Mingxiang, China's current economic difficulties will be a "important factor" in Mr. Xi's talks as well as "will give rise to a strong desire for stabilizing economic, investment, and trade relationships with the US," the BBC was informed.

"Mr Xi would like to receive promises from Mr Biden that the US is not going to broaden its trade war or tech rivalry, nor take additional measures that undermine the economy." Beijing has been outspoken in its complaints over US tariffs on Chinese imports, the blacklisting of Chinese businesses, and limitations on China's access to cutting-edge chip manufacturing technologies.

Both leaders will be cognizant of the fact that they are meeting in San Francisco, the birthplace of Silicon Valley and the world's preeminent technological firms. A working group on artificial intelligence may be announced, according to rumors. The Chinese allegedly want to use this information to convince Americans not to push for US technology export limits.

Chinese authorities have made it plain that they want the US to refrain from backing Taiwan independence as the country approaches potentially explosive elections in Taiwan. However, in the face of Chinese aggression and claims to the island, the US has emphasized time and time again that it supports the self-governing territory. Taiwan continues to be a tightrope for both nations.

In order to stop the flow of supplies supporting the fentanyl trade into the US, US authorities are also attempting to reestablish military-to-military connections and Chinese assistance; there are even rumors that the Chinese have consented to these efforts. Will occur.

Chinese official media has refrained from harshly criticizing the US and instead has published many commentary praising the benefits of mending fences and pursuing collaboration.

"Returning from Bali to San Francisco" is being discussed. It's a nod to the previous in-person meeting between Mr. Xi and Mr. Biden, held at the G20 conference in Bali about a year ago, which signaled a low point in US-China ties just before to the peak of the spy balloon episode. There was a marker at the peak.

"It's evident from the campaign preparations for this week's Xi-Biden summit that it's OK to once again appreciate America and Americans... I believe one might argue that the campaign has completely changed its image to suggest that Xi is serious about establishing a solid partnership, as China expert Bill Bishop noted this week. He also added that political pressure is likely to be involved, if not more so than economic.

It seems that Mr. Xi is just as keen, if not more so, to court the American business sector.

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According to information provided to the BBC, he will be the featured guest at a lavish dinner on Wednesday night that is intended to connect with high-level business leaders. According to a Wall Street Journal article, Chinese officials had originally requested supper before Mr. Xi's meeting with Mr. Biden, which may be a sign of his actual priorities.

However, Americans also shouldn't anticipate that Mr. Xi would show there ready to please and with his hat in hand.

Many think that despite the two presidents' claims of national security, mistrust will continue and trade and economic obstacles will remain in place.

In addition to imposing and then strengthening an embargo on semiconductor technology, Mr. Biden has kept many of the penalties put in place by the Trump administration against China. Meanwhile, Mr. Xi passed a broad anti-espionage legislation that prompted searches on international consulting companies and purported prohibitions on foreign people leaving the country.

On "core interest" issues like Taiwan and the South China Sea, where Beijing is stepping up its military presence to defend sovereignty and Washington is trying to fortify its relationships in the area, the two sides are likewise unlikely to back down. It has the same effect on.

In order "not to appear weak" to the United States, Li says, "This is an impossible equilibrium that the Chinese leadership must strike - with an objective of building a more stable and advantageous relationship with the US on the one hand - On the other hand, it appears to be sturdy and resilient against some American pressures."