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China's latest internal purge and economic slowdown have raised fresh concerns over the country's stability, according to a report released by Taiwan's Mainland Affairs Council (MAC).
The report, submitted to Taiwan's Legislative Yuan, highlighted China's growing inward turn as the Chinese Communist Party (CCP) grapples with economic stagnation, deflation, and record unemployment, as reported by The Taipei Times. According to The Taipei Times, ahead of a questioning session with MAC Minister Chiu Chui-cheng, the report detailed findings from the CCP's 20th Central Committee's fourth plenary session held in China. The session approved China's 15th Five-Year Plan for Economic and Social Development, focusing on domestic priorities amid a "complex international landscape." The plan stressed the need to strengthen the "real economy," achieve self-reliance in technology, boost consumption, and promote "common prosperity" by 2035. However, the MAC report pointed out that economic indicators continue to plummet. Industrial output, foreign investment, infrastructure development, real estate prices, and retail sales all registered declines, reflecting deep structural weaknesses. Despite the CCP Politburo's July directive to stabilise employment and expectations, Beijing's efforts have failed to reverse its downward spiral. The report said China's GDP growth averaged 5.2 per cent for the first three quarters of the year but slowed to 4.8 per cent in the third quarter, well below expectations. Youth unemployment surged to a staggering 18.9 per cent in August, while consumer spending growth hit its lowest point since late 2023, as highlighted by The Taipei Times. Deflationary pressures remain severe, with producer prices dropping 2.3 per cent year-on-year for the 36th consecutive month. Simultaneously, political unrest within the CCP appears to be worsening. Fifty-two centrally managed officials, including eight ministerial-level figures, have been dismissed, alongside nine generals, among them Central Military Commission Vice Chairman He Weidong. Over 60 Central Committee members and alternates were absent from the recent plenum, marking an unprecedented level of internal instability under Xi Jinping's rule, as reported by The Taipei Times. (ANI)
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