October 23, 2022
Xi Jinping received a third 5 year presidential term over China this week. Even though there are no set term limits for political figures in China, Xi is breaking with the 10 year leadership cycle set by his predecessor who served two terms as the Communist party's chief. In 2018, Xi Jinping scrapped constitutional limits that did set term limits for leaders. Xi Jinping, over his period in power, has moved China into more of an authoritarian state, gradually breaking from the idea of collective power. Instead he has concentrated more of the decision making authority among himself and his top group. The largest issues Xi Jinping made clear China wants to focus on in the future include the expansion of its military and embracing a fighting spirit for China. This could potentially be dangerous to foreign relations with other countries. Xi Jinping is also beginning to move China more towards a command economy in certain aspects as part of increasing his control. I think this will not be good for markets overall.
https://www.wsj.com/articles/chinas-xi-claims-third-term-as-communist-party-leader-11666499842
Gabriel Ham
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