China's Xi Jinping is in a corner and his problems are getting worse: Varney
Over the weekend, more evidence that China's leader, Xi Jinping, is in trouble.
You wouldn't know it from Chinese state-run media, where he is called "the people's leader," the kind of hero-worship not seen in generations. But that’s a mask, concealing a troubled economy, a still chaotic Hong Kong and reports of grumbling inside China! Those are real problems for a leader facing a U.S. president who just won't back down.
Look what happened over the weekend: Tens of thousands marched to the U.S. consulate, pleading with President Trump to "liberate Hong Kong," the American flag held high, as the crowd sang America's national anthem! The violence continued -- vandalism at subway stations, burning barricades.
The police again used tear gas. The concession, withdrawing the extradition bill, has not solved Xi's backyard problem. Hong Kongers are looking to America for support!
And yet again, China has resorted to more stimulus to keep its economy going. Sunday, more money was released to China's banks. Why do that if the economy is growing at a 6 percent rate and everything's fine and dandy? Answer: it’s not growing at 6 percent despite what Beijing says. The Wall Street Journal has looked at a variety of indicators suggesting much lower growth, much higher unemployment and a sharp drop in China's exports to America. Their economy is struggling.
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All of this is the backdrop to the trade fight. It surely strengthens President Trump's negotiating position. He's playing a strong hand. Things are going his way.
Not so with Xi Jinping. He's in a corner. His problems are getting worse. Trump's winning.
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