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China’s economy: Does Xi Jinping need a Plan B?
As growth has failed to pick up post-Covid-19, calls are growing louder for the Chinese President to launch a weighty stimulus package.
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The problem for Mr Xi Jinping is that during the second quarter, not only property but another of China’s key growth engines – trade – slowed sharply.
PHOTO: REUTERS
Joe Leahy, Sun Yu and Chan Ho-him
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Looming over the Yangtze River, the Wuhan Greenland Centre was meant to be Central China’s answer to the Burj Khalifa, the world’s tallest building.
When it was unveiled in 2011, the tower was intended to have 120 floors, host a five-star hotel and attract Wuhan’s rich and powerful with its helipad and cathedral-sized lobby. There was to be an expansive Communist Party “service centre” where elite patriots could conduct their political affairs in style while enjoying the view. Marketing materials describe it as a “building for individuals who can personally impact GDP (gross domestic product)”.
