Bloomberg :
In his first five years, President Xi Jinping has seized control of economic policy, reasserted the Communist Party’s authority and sidelined potential rivals in an unprecedented anti-corruption campaign.
Now, he’s set to make the Xi era permanent.
In a two-week session starting Monday, China’s rubber-stamp parliament is expected to enact sweeping legislative changes that would allow Xi to rule indefinitely and give him greater control over the levers of money and power. The agenda includes repealing presidential term limits, creating a powerful new agency to police officials and possibly approving the biggest regulatory overhaul of the $43 trillion finance-and-insurance sector in 15 years. Xi is also reportedly planning to
use the annual meeting of the 3,000-member National People’s Congress to install allies in key government posts, including the vice presidency, the central bank governorship and dozens of minister-level positions. It’s unclear when exactly specific decisions will be announced. As the undisputed ruler of one-fifth of humanity, Xi is arguably the world’s most powerful leader. US President Donald Trump is battling investigations, Germany’s Angela Merkel is nursing a fragile coalition and Russia’s Vladimir Putin is struggling under sanctions. Xi, meanwhile, laid out a 30-year plan in October for a “New Era” that completes China’s restoration among the world’s great powers.
“The others are managing countries for a while – he’s trying to build a new one,” said Andrew Gilholm, a director at the consulting firm Control Risks. “He’s got vastly more freedom of action than Trump and Merkel, a vastly stronger economy than Putin, but also probably a more daunting job than any of them – higher expectations.” The changes are so sweeping they might be seen as a turning point, Gilholm said, with Xi “remaking the party-state with himself at the center.”
The changes leave Xi with sole responsibility for China’s $12 trillion economy, mounting debt pile, more aspirational middle class and growing overseas interests. He’s attempting to become a developed economy without loosening political control, staking the party’s legitimacy on its ability to make China rich and strong.
In his first five years, President Xi Jinping has seized control of economic policy, reasserted the Communist Party’s authority and sidelined potential rivals in an unprecedented anti-corruption campaign.
Now, he’s set to make the Xi era permanent.
In a two-week session starting Monday, China’s rubber-stamp parliament is expected to enact sweeping legislative changes that would allow Xi to rule indefinitely and give him greater control over the levers of money and power. The agenda includes repealing presidential term limits, creating a powerful new agency to police officials and possibly approving the biggest regulatory overhaul of the $43 trillion finance-and-insurance sector in 15 years. Xi is also reportedly planning to
use the annual meeting of the 3,000-member National People’s Congress to install allies in key government posts, including the vice presidency, the central bank governorship and dozens of minister-level positions. It’s unclear when exactly specific decisions will be announced. As the undisputed ruler of one-fifth of humanity, Xi is arguably the world’s most powerful leader. US President Donald Trump is battling investigations, Germany’s Angela Merkel is nursing a fragile coalition and Russia’s Vladimir Putin is struggling under sanctions. Xi, meanwhile, laid out a 30-year plan in October for a “New Era” that completes China’s restoration among the world’s great powers.
“The others are managing countries for a while – he’s trying to build a new one,” said Andrew Gilholm, a director at the consulting firm Control Risks. “He’s got vastly more freedom of action than Trump and Merkel, a vastly stronger economy than Putin, but also probably a more daunting job than any of them – higher expectations.” The changes are so sweeping they might be seen as a turning point, Gilholm said, with Xi “remaking the party-state with himself at the center.”
The changes leave Xi with sole responsibility for China’s $12 trillion economy, mounting debt pile, more aspirational middle class and growing overseas interests. He’s attempting to become a developed economy without loosening political control, staking the party’s legitimacy on its ability to make China rich and strong.
