China's economy is expected to slow down ahead of the ruling Communist Party's twice-a-decade congress in fall 2022 as President Xi Jinping's radical "COVID zero" policy and socialist ambitions are set to choke private spending in the country.
Even after the end of the Beijing Winter Olympics, slated to start Feb. 4, the Communist Party-led government is likely to continue implementing strong anti-epidemic measures, including locking down major cities and suspending all public transportation services.
To make an achievement in the economic field to secure a controversial third term as party leader at the congress, Xi would also promote "common prosperity," aimed at reducing income gaps at home, by levying more regulations on the nation's lucrative sectors.