The Three Big Troubles Facing Xi Jinping And China Right Now
Chinese President seems to be ignoring the plight of his own country.
China’s military is provoking its neighbours is trying to grab neighbouring territory, but there are three major internal troubles that the country and its President Xi Jinping seem to be ignoring. Chief among them is the fact that Chinese banks are bleeding, while the other two factors are the country’s struggling oil companies and shortage of food. China’s five major banks have declared their biggest profit declines in at least a decade. All of them have shown profits down by at least 10 percent year-over-year.
China’s biggest oil companies are losing money too. Sinopec, Asia’s biggest oil refiner, has reported a loss of $3.2 billion. This is its worst-ever loss over a half-year period. PetroChina has posted an even bigger loss of $4.3 billion. The third problem affects China’s citizens directly. Despite Xi Jinping’s ‘Clean Your Plate’ campaign to control food wastage, there has been panic in the country due to the shortage of food. According to a report, many farmers in China are hoarding crops as a result.
Get the latest world news only on ZEE5.