Setting his eyes on the next 100 years, Xi seizes the chance to lead China to greater power

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One hundred years since China's Communist Party was founded, President Xi Jinping now has a chance to lead the country to becoming the world's largest economy.

The 68-year-old is the son of an early Communist leader who rose to vice premier, then suffered political persecution for 16 years under the party's dominating founder Mao Zedong.

The key factors that really drove China's phenomenal growth have either ended or declined in performance."When you think about the centenary of the party, you think not so much about the party as about the economic progress of the last 30 years," said Dmitri V. Trenin, director of the Carnegie Moscow Center.

In consolidating his power, Xi abolished term limits in 2018, while stepping up the party's role in private business.However, China's economic growth began to slow in the last several years, albeit remaining at relatively high rates compared to other major economies. That kind of innovation will be harder to achieve than GDP goals of the past, said Yuen Yuen Ang, assistant political science professor at the University of Michigan. Innovation is "inherently uncertain and cannot be planned from the top.""The most challenging task for China's leadership is to avoid the middle-income trap," Bonnie Glaser, director of the Asia program at the German Marshall Fund of the U.S., said in an email.

The Chinese leader has labeled "Xi Thought" on directives ranging from "socialism with Chinese characteristics" to "diplomacy." It's common for official documents to start with the line: "Under the strong leadership of the Communist Party of China Central Committee with Comrade Xi Jinping at its core.

Source: Financial Digest (financialdigest.net)

 

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