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
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.
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.
