Xi Jinping has effectively secured a third term at the helm. China’s so-called chairman of everything has the power to relieve his people, but it’s unclear whether he has the will, says petesweeneypro
Chinese President Xi Jinping votes next to the seat for former president Hu Jintao during the closing ceremony of the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China October 22, 2022. REUTERS/Tingshu Wang - RC236X9SSDE8a third presidential term at the just-concluded Chinese Communist Party conclave. His prize: a $16 trillion economy in a vulnerable state, dependent on American technology and facing a demographic crisis.
Xi’s third term as head of the government is all but a formality, after he was confirmed as the ruling party’s general secretary on Sunday, with loyalists taking key roles on the seven-man Politburo Standing Committee. Term limits for the presidency were eliminated in 2018. The next term, which would officially begin in March 2023, should bring more freedom to act on his goals of delivering “common prosperity” and “the Chinese Dream.
That could be harder than it looks. Over his decade in charge, China ended extreme poverty and has nearly doubled gross national income – which hit $11,890 per capita in 2021, just shy of the World Bank’s high-income definition of roughly $13,000. Yet the middle class appears oddly underwhelmed. A “lie flat” movement analogous to the U.S.-centered slacker phenomenon of the 1990s is gaining popularity. The United Nations-backedRegister now for FREE unlimited access to Reuters.
More tactful approaches in these areas – especially halting harsh lockdowns – could yield quick results. There are other low-hanging fruit that could be harvested with a bit more political force: bolstering the social safety net, for example; redistributing wealth by reconfiguring the clunky tax system; and refurbishing vocational schools and universities to better serve business demand.
Xi could also conclusively wind down the “hukou” regime that locks migrant workers out of healthcare and education. The government owns big stakes in companies like $218 billion Industrial and Commercial Bank of China
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