On Breakingviews – Beijing tries the patience of Tiananmen’s children. Read petesweeneypro's feature:
HONG KONG - After crushing student protests in 1989, the Chinese Communist Party promised citizens prosperity in exchange for compliance. Wages have risen 40 times since then, but inequality has soared too. Controls have tightened. Now President Xi Jinping is again asking youth to bear the brunt of the economic burden, from bad debts to the trade war.
This would be manageable if the private sector were generating high-paying jobs. But that boom is stalling. Both manufacturing and non-manufacturing indexes have been in contraction since late 2018, and survey data shows the services sector has not picked up the slack, as in the past.
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Beijing tries the patience of Tiananmen’s childrenAfter crushing student protests in 1989, the government promised prosperity in exchange for compliance. Wages have soared, but so has inequality. Now President Xi is calling on youth to shoulder bad debts and trade war costs. Their disaffection is as big a risk as revolution.
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