Loding Loading ...
Trading in financial markets involves significant risk of loss which can exceed deposits and may not be suitable for all investors.
Before trading, please ensure that you fully understand the risks involved
Trading in financial markets involves significant risk of loss which can exceed deposits and may not be suitable for all investors. Before trading, please ensure that you fully understand the risks involved

Friday, June 01, 2018

Xi Jinping – Supreme Leader of China

By Century Financial in Off The Wall

Xi Jinping – Supreme Leader of China

Xi Jinping – Supreme Leader of ChinaLast month around 9 Million students in China appeared for Gaokao-the most taxing college entrance exam which would change the lives of the young and aspiring population of the country. A segment of the exam involves writing an 800-word essay to test the language and argument skills. The essay topics are mostly generic and don’t relate to politics. However, the theme for this year was – The Philosophy of Xi Jinping.

Xi Jinping has gained the title of being the most authoritarian Chinese leader since Communist China’s founder Mao Zedong.

Who Is Xi Jinping?

He was born in 1953 to a Chinese Communist Party (CCP) leader, Xi Zhongxun. Xi Jinping worked his way up the party ranks to become a significant player in the Chinese Politburo. Xi consolidated power from the day he was elected to the post of the General Secretary of the Communist Party in 2013. Under his supremacy, the Chinese economy rose as a global superpower. After his philosophy was added to the party constitution in 2017, he successfully managed to abolish the regulatory limits and became the “president for life”.

The Rise of Xi

After several attempts, in 1974 Xi Jinping was accepted into the Communist Party and from that point forward, he steadily rose through the ranks of the Communist Party. Between 1979 and 1982, Xi also gained some experience in the military while he served as the Central Military Command as vice premier.

The leader of the People’s Republic of China

On November 15, 2012, Xi Jinping was appointed as the General Secretary of the Communist Party and Chairman of the Central Military Commission. His broke the shackles of his predecessors in his first speech and sounded more like a western politician highlighting the aspirations of an average person and focussing on getting a better education, stable jobs, and higher income. He vowed to remove the corruption from the government and referred his vision for the nation as the “Chinese dream” On March 14, 2013; Xi was elected as the president of, the People’s Republic of China.

Achievements and Controversies

One of the most challenging situations in any country is corruption. Xi proved his word by embarking on a campaign to deal with corrupt government officials in China. This included the arrest of country’s most influential figures, like former security chief Zhou Yongkang.

Under Xi’s presidency, China introduced the “One Belt, One Road” initiative to strengthen trade routes and launched the Asian Infrastructure Investment Bank. His party encouraged the private banks to enable the investors to trade into Shangai stock market directly.

Xi ended China’s one-child policy in 2015. His elimination of the “re-education through labor” system, which punished individuals charged with petty crimes, was viewed favorably.

However, the Chinese leader has been criticized for his methods as his main corrupted targets were his most significant opponents also. Under Xi’s reach, censors have sought to eliminate Western influence in school curriculums and limited the public’s internet access

Xi has also overstepped some economic regulations that have reverberated beyond his country’s borders. He was accused of devaluating yuan to save the sagging housing market in 2014.

Global Standing                                                                                                                                              

In 2016, Xi added a title of Commander in chief and pushed reforms to upgrade the navy and air force of China as a part of his goal to establish China as a 21st-century global superpower. In spite of the frequent trade issues with the US, Xi has always shown China’s willingness to cooperate in the Climate change agreements with its western counterpart

In 2017, under Xi’s supervision, China took advantage of the financial opportunities where he announced his “win-win” cooperation memorandums between the US and China to increase trades by $253 billion.

However, the discussion did not yield many benefits as Donald Trump accused China of harming the domestic market of US and ordered stiff tariffs on aluminum and steel imports on March 28. China retaliated by putting tariffs on American goods such as fruits, nuts, and pork products.

Xi also pledged to broaden the market access in the Boao Economic Forum in April. He intended to increase imports and achieve a higher balance of payment by reducing the import tariffs for vehicles.

Expansion of Power

In October 2017, during a meeting of the 19th National Congress of the Communist Party, delegates voted to add the words “Xi Jinping Thought for the New Era of Socialism with Chinese Special Characteristics” to the party constitution. The addition was meant to serve as a guiding principle for the party moving forward, with Xi’s vision paving the way for global leadership in the years to come.

Furthermore,the constitutional change boosted Xi’s status to match those of exalted formerCommunist Party heads Mao Tse-tung and Deng Xiaoping. It was believed that, as one of the country’sstrongest leaders in decades, Xi possessed the ability to hold on to power aslong as he desired.

In late February 2018, the Communist Party’s Central Committee proposed scrapping term limits for China’s president and vice president, potentially setting the table for Xi to govern indefinitely. The National People’s Congress formally voted to make the constitutional change the following month, shortly before Xi was confirmed for a second five-year term.

In a speech to close the 16-day legislative session, Xi spoke of forging unification with Taiwan, promoting “high-quality” development that values innovation and expanding his signature Belt and Road foreign policy initiative. “The new era belongs to everyone, and everyone is a witness, pioneer, and builder of the new era,” he said. “As long as we are united and struggle together, there will be no power to stop the Chinese people from realizing their dreams.”