JAKARTADAILY.ID - Winter Olympic has been set to run from February 4 to February 20 in Beijing, China. Some preparation has been done to welcome international visitors, yet China has some problems to face.
Since that time China has started to show the world its power. Under President Xi Jinping's leadership, China has progressed from advocating for international system reform to assisting in its implementation to planning to lead it. Xi has described China as a "new option for other countries," an alternative to Western democracy.
However, China faces many problems to reach the “China Dream". It is still a country with a middle-income economy. It needs growth of 6% to 7% to attain Western levels of wealth while reshoring of production out of China and advancements in robotics have cut into China’s lower-wage advantage.
China is likewise in debt, Time reported on Tuesday (January 25, 2022). It has relied heavily on easy credit for property and other speculative investments to grow its economy. Xi realizes that financial stability is vital to China's domestic peace and security. In order to avoid a banking catastrophe and an economic crash, China's government has to step up and clean up the lending business.
Additionally, China's demographics are also becoming a looming problem. Due to the last one-child policy, the country's birth rate has continued to fall, resulting in a lower number of young people that will have to support the aging population that is rapidly increasing.