20240228 Xi Wahaha Hangzhou headquarters Zong Qinghou

Chinese President Xi Jinping has failed to understand the market principle that legendary entrepreneur Zong Qinghou wielded while building a fortune. (Nikkei montage/Source photos by Kyodo, Getty Images, and Yusuke Hinata)

Analysis: Can Xi Jinping's 'buy new products' campaign fix China's economy?

Xi might be better off taking a cue from the legendary founder of Wahaha

Katsuji Nakazawa is a Tokyo-based senior staff and editorial writer at Nikkei. He spent seven years in China as a correspondent and later as China bureau chief. He was the 2014 recipient of the Vaughn-Ueda International Journalist prize.

President Xi Jinping wants Chinese to go on a shopping spree. During a key economic meeting of the Chinese Communist Party held last week, Xi repeatedly mentioned that people should buy new products to replace old ones.

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