Xi Jinping Is Here to Stay as China’s Ruler
Xi Jinping is Here to Stay as China’s Ruler
Any doubts about President Xi Jinping’s ambitions to rule China well into the next decade are over.
The Communist Party moved yesterday to strike presidential term limits from China’s constitution, the only formality keeping Xi, 64, from staying on after his second term ends in 2023. While speculation about Xi’s future had been growing since he declined to elevate an heir apparent in October, the change represents a surprising break from a succession system that has facilitated more than 30 years of peaceful power transfers.
The move shows the speed with which Xi has consolidated power over a fifth of humanity, sidelining rivals and silencing dissent. And it provides short-term stability to investors who have come to view Xi as a steady — if heavy — hand as China manages slowing growth, increasing middle-class demands and expanding global clout.
Danger still lurks for Xi, whose name has become synonymous with a party that has staked its legitimacy on China’s enduring economic boom. “When things go wrong — and they always do — there is only one person to blame,” said “Red Capitalism” co-author Fraser Howie.
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--With assistance from Kathleen Hunter and Andy Sharp
To contact the editor responsible for this story: Karl Maier at kmaier2@bloomberg.net, Caroline Alexander
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