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China

The Chinese leadership is worried. Their country’s long history is peppered with instances of the “Mandate of Heaven” falling from the rulers’ shoulders because of economic problems.

On top of that there is the obvious fact that autocracies run the risk of violent dissent because the non-violent avenues of protest are banned.

Paramount Leader Xi Jinping has warned of “potential dangers” and added that the Chinese Communist Party must be “well-prepared” to “overcome grave challenges.” In Xi-speak this means a crackdown on dissent accompanied with measures to help the middle classes  and criticism of wealthy people who flaunt their riches.

In this week alone. The party has authorised cash hand-outs, tried to shake up the ailing property market and held a surprise meeting to kick start the economy. But three years of economic slowdown and Covid lockdown have taken a toll and economists believe that it is unlikely that China will hit the relatively modest (for China) target of 5 percent growth in the economy.

The Chinese young people have been particularly hard hit. Unemployment among the 16 to 24 year olds hit 21.3 percent in 2023. In January this year the government stopped issuing figures which implies that the youth jobless statistics have soared even higher. Also impacted has been the promotion prospects for those fortunate enough to be in employment.

For decades the Chinese have been admired – and feared—for their extraordinary work ethic. The changes in the economy, however, have created a shift in attitudes towards work. According to a recent survey by American online pollsters, in 2013, 63 percent of recent graduates said hard work paid. Ten years later the figure had dropped to 28.3 percent.

The survey by N. Aliskey, S, Rozelle and M. Whyte also revealed a fear for the future. In 2014, 76.5 percent of those polled were optimistic about the future and said that the economy and their lives had improved over the past five years. In 2023 the figure was 38.8 percent.

According to the think tank Freedom House, in the second quarter of 2024 there has been an 18 percent rise in protests and three-quarters of these were based on economic grievances. From June 2022, Freedom House has logged 6,400 incidents of dissent, and their research does not include Xinjiang or Tibet where dissent is the strongest.

United States

J.D Vance won the vice-presidential debate. That was the general consensus. That consensus is not good news for J.D. Vance. Donald Trump does not like the spotlight being shifted away from him.