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40 years of reform and opening up
ChinaPolitics

This is what Xi Jinping says can help save China from ‘terrifying tidal waves and horrifying storms’

  • Communist Party rule is key to weathering ‘unimaginable’ perils and dangers, according to Chinese president.
  • But he sheds little light on future reforms, to the chagrin of those wanting economic liberalisation, and doesn’t mention US trade war or slowing economy

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President Xi Jinping prepares to leave at the end of the event in Beijing marking the 40th anniversary of China’s reform and opening up. Photo: Reuters
Zhou Xin,Nectar GanandChoi Chi-yuk

China faced “unimaginable” perils and dangers, but Communist Party rule and its chosen path would help to weather them, President Xi Jinping said on Tuesday as he tried to shore up confidence in a country at a crossroads after four decades of reforms.

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He was speaking at a high-profile event in Beijing marking the 40th anniversary of China’s reform and opening that started with a ceremony to honour 100 “reform pioneers”. Ten foreigners also received a “China Friendship Medal”, including Singapore’s late founding father Lee Kuan Yew.

In a 1½ hour speech, Xi stressed that the party’s leadership was the key to China’s rise over the past 40 years. But he shed little light on future reforms, dashing hopes among market pundits of new policy initiatives to further liberalise the Chinese economy.

Also missing was any direct mention of the specific challenges China faced, above all a slowing economy and a tit-for-tat trade war with the US.

Instead, Xi spent much of his speech lauding accomplishments in China’s economic and social development in the past four decades since Deng Xiaoping, the former paramount leader, started the country’s embrace of market reforms.

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