Hu Jintao took over in 2002 and during his first term he sought to alleviate the rural plight bequeathed by his predecessors. His leadership cut taxes on agriculture and fees on rural education and health and rural economy began to turn around, as indicated by a pickup of rural income growth. In response to the 2008 financial crisis, the Hu Jintao leadership reprioritized policy back to the preexisting urban bias of the China Model. The stimulus program, commonly known as Siwanyi, funded infrastructural development, technology programs and urban real estate projects, leading to productivity decline and a massive debt accumulation, which Xi Jinping inherited in 2012. Xi made some adjustments and stepped up income transfers to rural households under his “Common Prosperity” program but his overall policy program and approach have been heavily statist and detrimental to growth. He downplayed economic growth as the objective function of the Communist Party of China and his crackdowns on private-sector businesses, escalation of geopolitical tensions, and draconian COVID controls weakened the confidence of investors and consumers alike. Chinese GDP is registering its lowest growth rate since 1978.