Since the days of Deng Xiaoping, the Chinese Communist Party has maintained its absolute authority over China's roughly 1.4 billion people via an explicit social contract: the CCP would engineer an economic miracle that would lift hundreds of millions of people into the middle class, and in return, the Chinese people would accept the limitations on political freedoms demanded by the CCP. But with China's economy growing at its slowest pace in three decades and private sector businesses struggling with an unprecedented credit squeeze, President Xi Jinping must scramble to find a way to stabilize the country's economy in the face of the US's trade war escalation threats in order to ensure his legitimacy in the eyes of the public.
In the latest sign that another crackdown on dissenters might lie ahead, Xi called an abrupt meeting of top party officials in Beijing on Monday, where he issued a warning about the need to maintain "Political stability" in what Bloomberg described as "a fresh sign the ruling party is growing concerned about the social implications of the slowing economy." The Communist Party, Xi said, must redouble its efforts "To prevent and resolve major risks", with areas of concern facing the leadership ranging from politics and ideology to the economy, environment and external situation.
"The party is facing long-term and complex tests in terms of maintaining long-term rule, reform and opening-up, a market-driven economy, and within the external environment," Xi said, according to Xinhua.
"The party is facing sharp and serious dangers of a slackness in spirit, lack of ability, distance from the people, and being passive and corrupt. This is an overall judgment based on the actual situation."
Though his isn't the first time Xi has warned about the risks of slowing economic growth, this is the first time on record where he has warned about the "Serious" threats to the party's "Long-standing rule." The meeting was unusual in that, while Xi has occasionally assembled the country's 200-member Central Committee, this is the first time he has called for a meeting of top officials without assembling the entire body.
One analyst said the Chinese leader wanted to draw attention to the preponderance of internal and external threats to stability in China.
Underscoring Xi's point, China recently reported the slowest annual GDP growth in 28 years.
https://www.zerohedge.com/news/2019-01-22/unprecedented-speech-president-xi-warns-serious-dangers-communist-party-rule
In the latest sign that another crackdown on dissenters might lie ahead, Xi called an abrupt meeting of top party officials in Beijing on Monday, where he issued a warning about the need to maintain "Political stability" in what Bloomberg described as "a fresh sign the ruling party is growing concerned about the social implications of the slowing economy." The Communist Party, Xi said, must redouble its efforts "To prevent and resolve major risks", with areas of concern facing the leadership ranging from politics and ideology to the economy, environment and external situation.
"The party is facing long-term and complex tests in terms of maintaining long-term rule, reform and opening-up, a market-driven economy, and within the external environment," Xi said, according to Xinhua.
"The party is facing sharp and serious dangers of a slackness in spirit, lack of ability, distance from the people, and being passive and corrupt. This is an overall judgment based on the actual situation."
Though his isn't the first time Xi has warned about the risks of slowing economic growth, this is the first time on record where he has warned about the "Serious" threats to the party's "Long-standing rule." The meeting was unusual in that, while Xi has occasionally assembled the country's 200-member Central Committee, this is the first time he has called for a meeting of top officials without assembling the entire body.
One analyst said the Chinese leader wanted to draw attention to the preponderance of internal and external threats to stability in China.
Underscoring Xi's point, China recently reported the slowest annual GDP growth in 28 years.
https://www.zerohedge.com/news/2019-01-22/unprecedented-speech-president-xi-warns-serious-dangers-communist-party-rule
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