China might be facing many problems, a crisis of confidence is certainly not one of them. Economist Arthur Kroeber, acknowledged bull on China, tells The Age the Party is much more powerful than any domestic enemies.
The Soviet collapse was, at core, a crisis of confidence. The Communist party was not challenged by another party, by a coup or by an uprising. The party yielded much of its power because its leadership had lost the self-belief and the will to go on.
China’s Xi Jinping may have many deficits, but a deficit of confidence is not one of them. “Confidence is rising, not falling,” says Barme. The well-regarded China economist, Arthur Kroeber, concurs: “Xi Jinping’s government is not weak and desperate, but forceful and adaptable.”
Kroeber adds a fundamental consideration: “The forces that might push for systemic political change are far weaker than the Party.”
There is a major economic crunch beginning, certainly. But the Communist regime has prevailed through much worse. There is no sign that the instruments of coercion are wilting.
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