President Joe Biden recently commented on the economic challenges facing China and how they may impact the likelihood of a potential invasion of Taiwan. Speaking at a press conference in Vietnam, Biden stated that China's economic growth is slowing due to a combination of a weak global economy and unspecified Chinese government policies. He believes that Chinese leader Xi Jinping "has his hands full right now," which makes an invasion of Taiwan less likely.
Taiwan, a democratic and self-governing island nation, is regarded by China's government as a rogue province. China's Communist Party has never ruled over Taiwan since taking control of the mainland in 1949. Despite this, Xi and other Chinese officials have not ruled out the use of force to bring about Taiwan's reunification with the mainland. Taiwan's status as a leading producer of high-end semiconductors, which power much of the world economy, makes it an attractive target for China.
Biden described China's economic situation as a "crisis" and mentioned issues with the country's real estate sector and high youth unemployment. He stated that one of the major economic tenets of Xi's plan is not working at all currently. While attending the G20 summit in India, Biden held high-level talks with the Chinese government, including a meeting with Chinese Premier Li Qiang.
Recent trade data from August indicates a possible stabilization in China's economy, with both exports and imports narrowing their declines. However, some analysts believe that a worsening property slump, weak consumer spending, and falling credit growth could still negatively impact the Chinese economy.
In summary, Biden's remarks suggest that the economic challenges currently facing China may make an invasion of Taiwan less likely. However, the situation remains complex and uncertain, with China's stance on Taiwan's reunification with the mainland still a topic of concern. The state of China's economy and its potential effects on geopolitical dynamics in the region will continue to be closely monitored.