The National Congress of the Communist Party of China has came to a conclusion after a week. Starting on the 18th October and finishing on the 24th October 2017 the congress has brought 2,200 party leaders together.
The Congress has been closely followed due to how many changes were anticipated to have been made at the top of the leadership of The Communist Party of China. A number of high senior leaders in the Politburo Standing Committee which is the highest level of power at the top of The Communist Party, have planned to retire and this kind of reshuffle within the (PSC) could have a long term effect on social and economic matters in China’s future.
However, as Tuesday morning proved President Xi Jinping secured his status as one of the most powerful rulers the country has experienced in a long time. Xi Jinping told China that it “has entered a new era, where it will take centre stage”. Xi Jinpin’s name has also been inserted into the party’s organisation next to the founder’s names. Many people have assumed that Xi will use his position and this opportunity to seize the key issues surrounding economic growth in China, to ensure that polices are in place for the long term and to bring back economic stability to the country. Xi can also take advantage of the many senior people retiring within the (PSC) to then place his allies within the Politburo Standing Committee which could then see long term goals he envisions for China accelerate quickly into the start of next year. The party will probably aim to tackle issues such as state owned enterprises and debt within the country. However, the party will look at moving forward towards a market based economy and will hope to accomplish this by cutting structural imbalances and by improving the corporate and public services. Things could move faster if Xi manages to gain more power, otherwise China could be headed for an avalanche of disappointments in areas they wish to try and reform.
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Proposed by President Xi in 2013, the One Belt, One Road Initiative, or B&R, focuses on connecting China with over 60 countries in the rest of Eurasia by increasing trade and investment, boosting economic growth and stimulating cultural exchange. Infrastructure projects are particularly supported by this development campaign.
To celebrate the success of the initiative, the Belt and Road Forum for International Cooperation was held in Beijing on 14 and 15 May 2017. On the opening ceremony, British chancellor Philip Hammond, who attended this event along with other important UK policymakers and businesses, has called for strengthened economic ties with China in the era of post-Brexit and described Britain as a “natural partner” to China as between now and 2030 Asia would need to spend about $26tn on infrastructure-$4tn of which China had pledged to help fund-while the UK has planned a massive infrastructure campaign.
Hammond posted on Twitter: “Britain is ready to work with all [Belt and Road] partners.”
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