by Gregory R Copley at Oil Price
- Despite a significant economic crisis in mainland China since 2015, Xi has taken minimal steps to address it.
- During his visit to San Francisco, Xi, seemingly desperate, requested a substantial $900-billion bailout for the Chinese economy from President Biden.
- The leak came from within the CCP, indicating a faction eager to bring down Xi.
Communist Party of China (CCP) General Secretary Xi Jinping is now starkly aware that he is facing the end of his rule, and has turned to US Pres. Joe Biden to save him.
Specific reports are emerging as to the driving forces which made Xi act, in seeming desperation, to kowtow to US Pres. Joe Biden at the summit held on the sidelines of the Asia-Pacific Economic Conference (APEC) in San Francisco between November 13 and 17,2023.
Xi’s Government of the People’s Republic of China (PRC) had, for at least two weeks before the summit, started a charm offensive aimed at the US. Until that time, Beijing had claimed to have been hesitant about whether the summit would take place, but the start of the charm offensive was a significant pointer to the depth of General Secretary Xi’s desperation and his increasingly mercurial behavior.
Despite the fact that the mainland China economic crisis had become significant and intense from at least 2015, Xi had taken virtually no steps to contain or correct it. Then, almost simultaneously with the charm offensive toward the US, the Xi Administration began some timid steps toward reversing its anti-private sector policies and promised unspecified support for private business in mainland China. This followed a xenophobically maoist policy, over the past decade, of containing private enterprise and attempting to push the economy under the domination of the state-owned enterprises (SOEs). The sudden volte-face by Xi, typical of his behavior since the October 2022 Party Congress at which he disposed of almost all of his visible opponents, highlighted more than ever his instability and, now, his increasing desperation as it has become clear that the People’s Liberation Army (PLA) was patently unready and unprepared to execute Xi’s proposed military takeover of the Republic of China (ROC) on Taiwan…