China Gets a Great Leap Forward From Congress

China’s economy is limping under the weight of government-created market inefficiencies, draconian Covid lockdown policies, an imploding housing bubble and an aging population. But the self-destructive Congressional Inflation Reduction Act gives the President Xi Jinping something to celebrate in November at the 20th National Congress of the Communist Party.

With a single piece of legislation, Democrats have increased Beijing’s geopolitical clout, lowered American living standards and global economic competitiveness, and backed Mr Xi’s ambitions to dominate biotechnology. The kicker is that the Democrats have told Americans their bill will deal a blow to China. Americans will have a rude awakening when they discover the truth. China Gets a Great Leap Forward From Congress

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