China’s Xi, in need of a win, appears ready to engage with Biden

https://msn.com/en-us/news/world/china-s-xi-in-need-of-a-win-app…

“Xi needs the summit more than Biden does. He needs to show he’s respected, that he has stature,” said Minxin Pei, a political scientist focusing on China-U.S. ties at Claremont McKenna College. “He’s definitely in a worse position than in November of last year.”

Xi has been plagued by declining confidence in the Chinese economy, hit by a property crisis and rising youth unemployment. Young people talk about “lying flat” or being the “last generation” as they refuse to marry or have children as an act of protest.

Foreign investment and business confidence have fallen because of increased government regulation on the private industry and crackdowns on foreign firms over alleged spying. China has witnessed the largest capital outflows in years.

Together, this means China may not meet its growth target of 5 percent this year, already the country’s lowest target in three decades.