What Does Xi Jinping’s Third Term Mean for the World Economy?

What Does Xi Jinping’s 3rd Term Mean for the World Economy?

Although economic growth will be China’s topmost priority, here are the highlights in President Xi Jinping’s agenda for the next five years!

In today’s edition, let’s understand what Chinese President Xi Jinping’s 3rd consecutive term in power means for the world economy!

What’s Happening?

The Chinese Communist Party’s General Secretary Xi Jinping, who has remained in power since 2012, has been sworn in as the Chinese President again for a 3rd consecutive term!

Under Xi Jinping’s 10-year rule, China has become a global superpower. China’s international influence, appeal, and power to shape the world have increased significantly. On October 16th, 2022, Xi Jinping delivered his opening address to the Chinese Communist Party’s 20th Party Congress.

What is Jinping’s Agenda for the Next Five Years?

Although economic growth will be the country’s topmost priority, these were some highlights in his agenda for the next five years:

On Religion:

Internally, China would make more significant efforts to push policies to Sinicize religion, hinting that it would intensify efforts to erase the culture and religion of minorities, particularly Tibetans.

On the Taiwan Issue:

It would make greater efforts to acquire the areas it is claiming in its periphery, and the use of force in Taiwan has not been ruled out. China sees self-ruled democratic Taiwan as a part of its territory to be reclaimed one day by military intervention if necessary.

On Zero-Covid Policy:

On the Zero-Covid policy, Xi defended his approach, saying that it puts people and their lives above all else. This also means that border controls will not soon be relaxed, leading to hardships for students and businesses.

Closeness with North Korea:

Next, China has projected its closeness with North Korea to convey to the US and Japan that it would more forcefully oppose the US and its allies.

What Does it Mean for the Global Economy?

The Taiwan Semiconductor Manufacturing Company (TSMC) has already said that any invasion of Taiwan would render its manufacturing plants non-operational. For context, Taiwan alone produces 65% of all the world’s semiconductors! Also, with countries like Russia and North Korea by their side, the trade war with the US will not end anytime soon.

Xi Jinping isn’t going to stop here! What he does over his next 5-year term will be watched by everyone!

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