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China faces a once-in-a-generation economic challenge and the Chinese Communist Party's (CCP's) decisions will significantly shape the lives of the country's 1.4 billion people.
This indicates that Chinese President Xi Jinping foresees in his third term that China would be facing the most serious geopolitical and other challenges in the next five years, reported Geopolitica.info. During the 20th Congress of the Communist Party of China (CPC), the obvious happened. Xi Jinping's intent to continue at the helm of the CPC was clear from the time, the age limit of 65 years was relaxed and the constitutional provision for limiting the term of the office of PRC Chairman was abolished, reported Geopolitica.info. Although Xi's supremacy was never challenged throughout the conference, it was announced on October 23 that he was elected General Secretary of the CPC Central Committee for the next five years. Meanwhile, China's economy is faltering. Unemployment is skyrocketing. Endless Covid lockdowns are wreaking havoc on businesses and people's lives. The property sector is in crisis, reported Geopolitica.info. Ties between Beijing and major global powers are under strain. The list of problems faced by the world's second-largest economy goes on - and many of those long-term challenges have only worsened under a decade of Xi Jinping's rule. Yet the Chinese leader's grip on power is unwavering. While Xi's speech declared economic development to be his "top priority," there was no sign that he is aiming to improve the deep problems that have undermined China's economy over the past two years, reported Geopolitica.info. Xi Jinping's work report showed that there were no fundamental changes in the vision for the next five years. Congress confirmed the course of holding to the policies pursued over the past ten years. In his address, it became clear that the current leadership is abandoning its previous fixation on the market and high rates of economic growth in favour of focusing on social development. However, economists have warned that reversing market-style reform could hamper the country's growth, reported Geopolitica.info. Moreover, the new government would carry forward the new childbearing policy, whereby a married couple can have three children. This is meant to address the demographic crisis caused by a long-time policy of birth control. Xi once again reiterated his adherence to the principle of "One China" and warned against attempts to declare Taiwan's independence as well as interference from external forces. Another goal that came out from the report was Xi's agenda that there should emerge a "silent China" marked by both absence of threats within the country and China's rightful place on the global stage to ensure stable sovereign development. However, he gave no hint about the zero-COVID policies that have reduced domestic consumption and destroyed small businesses, reported Geopolitica.info. Also, Xi ignored the "dual circulation" policy and "self-reliance in his speech which could ignite domestic demand-driven growth and higher technology-driven productivity. It would result in failure to revitalize the economy and ultimately undercut Xi's lofty goal of "common prosperity." Domestically, China's leaders know they are facing formidable headwinds. The Chinese government had "made a lot of mistakes in the last five years with its economy." From the epidemic prevention policies to the idea that 'state enterprises advance, the private sectors retreat', and the suppression of the tech industry, reported Geopolitica.info. (ANI)
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