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Xi Jinping's Financial Priorities
Victor Shih discusses how China's financial system is primarily focused on fulfilling the priorities of Xi Jinping, often at the expense of local governance. He highlights the dire situation for civil servants and teachers who go unpaid for months, yet continue to work for the government due to limited outside options. Despite cuts to benefits, resources are still allocated to national defense and technology, showcasing the regime's priorities.
"The case of China is that basically the financial system is geared toward fulfilling the priorities of the party i.e. the priorities of Xiinping. So even if they can't do anything else they will do th..."
Xi Jinping's Priorities Drive China's Financial System
Victor Shih discusses how China's financial system is primarily focused on fulfilling the priorities of Xi Jinping, often at the expense of local governance. He highlights the dire situation for civil servants and teachers who face delayed salaries, yet continue to work for the government due to limited outside options. Despite cuts in benefits due to local debt issues, significant resources are still allocated to national defense, AI, and technology.
"The case of China is that basically the financial system is geared toward fulfilling the priorities of the party i.e. the priorities of Xiinping. So even if they can't do anything else they will do th..."