Xi Skips Speech On China's Wobbling Economy

President Xi Jinping failed to attend a business forum in South Africa where he was expected to deliver a speech defending China’s economy and its support for emerging markets, S'thembile Cele, Larry Liebert and Colum Murphy reported for Bloomberg News.

Photo Insert: Xi’s decision to skip delivering a bullish economic message in person comes as his nation faces intense global scrutiny over its struggles with falling prices, a faltering property market, and soaring local government debt.

The Chinese leader was set to address the BRICS Business Forum on Tuesday after meeting with South African President Cyril Ramaphosa earlier that day. Instead, Commerce Minister Wang Wentao read the speech without giving an explanation for Xi’s absence.

“The Chinese economy has strong resilience, tremendous potential, and great vitality. The fundamentals sustaining China’s long-term growth will remain unchanged,” Xi bragged as read by Wang.

“The giant ship of the Chinese economy will continue to cleave waves and sail ahead.”

Xi’s decision to skip delivering a bullish economic message in person comes as his nation faces intense global scrutiny over its struggles with falling prices, a faltering property market, and soaring local government debt.

President Joe Biden has labeled those economic woes a “ticking time bomb” for the world, while Treasury Secretary Janet Yellen called them a “risk factor” for the US.

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