President Xi Jinping, China’s most influential figure in decades, gets a chance to install more allies who share his vision of an even more dominant role in the economy for the ruling Communist Party. Know more:
BEIJING—President Xi Jinping, China’s most influential figure in decades, gets a chance to install more allies who share his vision of an even more dominant role in the economy for the ruling Communist Party and tighter control over entrepreneurs at a party meeting that starts this weekend.
Xi is expected to try to break with tradition and award himself a third five-year term as party leader. A report he is due to deliver at the congress will set economic, trade and technology goals for at least the next five years. Loyalty to Xi is regarded as key to promotion. One potential candidate for premier, a post that usually goes to the No. 2 or 3 party leader, declared his allegiance by publishing a newspaper article in July that invoked Xi’s name 48 times.
Xi’s government wants manufacturers to reduce reliance on global supply chains and use more domestic suppliers, even if that raises costs. They include Vice Premier Liu He, a Harvard-trained reform advocate who is Xi’s economic adviser and the chief envoy to trade war talks with Washington. Yi Gang, governor of the central bank and a former Indiana University professor, Finance Minister Liu Kun and bank regulator Guo Shuqing also are due to go.
“Financial markets are hoping for some evidence of internal resistance to Xi” to change course on policymaking, Logan Wright and Agatha Kratz said in a report for Rhodium Group. If Xi strengthens this authority, that would suggest “elevation of the party’s priorities above those of China’s economic technocrats.”
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