Home » A glimpse into the future trend of China’s economy from the revised CCP constitution (Figure)

A glimpse into the future trend of China’s economy from the revised CCP constitution (Figure)

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A glimpse into the future trend of China’s economy from the revised CCP constitution (Figure)

Analysts pointed out that the CCP may launch an upgraded version of the planned economy. (Image credit: Getty Images)

[See China October 24, 2022 News](See a comprehensive report by Chinese reporter Li Zhengxin) The 20th National Congress of the Communist Party of China held and revised the party constitution, and included plans such as economic internal circulation and common prosperity into the party constitution. Analysts pointed out that the CCP may launch plans Economical upgrade.

According to Chinese state media reports, the 20th National Congress of the Communist Party of China (the 20th National Congress of the Communist Party of China) deliberated and unanimously approved the “Chinese Communist Party Constitution (Amendment)” proposed by the 19th Central Committee.

According to the revised CCP constitution, the contents of “public ownership as the main body”, “step by step to achieve common prosperity for all the people”, and “accelerate the construction of a new development pattern with domestic circulation as the main body and domestic and international dual circulation promoting each other” were written.

After the revision of the party constitution, the first plenary session of the 20th National Congress of the Communist Party of China was held. On October 23, Xi Jinping, who served as the general secretary of the CPC Central Committee for the third time, and the new members of the Standing Committee of the Political Bureau of the CPC Central Committee Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang and Li Xi, Meet with Chinese and foreign journalists together.

However, with the appearance of the new Politburo Standing Committee and the unexpected exit of reformist Premier Li Keqiang and CPPCC Chairman Wang Yang, who had been expected to remain in office, analysts say the newly formed Politburo is a sign of Xi Jinping’s third term in office. , China’s economic reform will be even more distant.

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Song Weijun, a researcher at the overseas think tank “Tianjun Political Economy”, pointed out that there will be many personnel changes after the 20th National Congress of the Communist Party of China, and the State Council will undergo a major reorganization, which means that economic policies will change. However, within such a special political system as the CCP, there will be no so-called reformists, and the expectations of the outside world will be dashed. China is the largest consumer market in the world. It would be correct to let residents’ consumption play a role in leading economic growth. However, household debt is close to the warning line, and most of the assets are real estate, which means that under the epidemic and debt and other factors , domestic demand will not pick up.

Song Weijun believes that the outside world is concerned about whether China will return to the planned economy model. At present, the social environment has changed, and it is impossible to follow the old road of unified purchase and sales. However, the CCP may create an upgraded version of the planned economy and intervene in the economy under stronger control. . No matter what words the CCP uses to wrap its policies, it has always followed a planned economy model. The Common Prosperity Demonstration Zone is similar to the Belt and Road Initiative, the Xiongan New Area, and the Shanghai Free Trade Zone.

Observers believe that one of the most thorny issues for Mr. Xi at the start of his second decade at the pinnacle of power should be the Chinese economy. In the first ten years, China’s economy has entered a stage of low-speed growth from a high-speed growth stage, and if the economic policies adopted by Xi Jinping in the previous ten years are considered to be effective, this slowing trend will be difficult to improve in the future. Many experts believe that in the next decade, China’s economy will not be more brilliant, only more unstable.

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China’s next prime minister, Li Qiang, who is likely to take office in March, is seen as having no choice but to ramp up stimulus to revive an economy ravaged by the “zero-clearing” epidemic prevention policy.

It is widely believed that Li Qiang was the culprit behind the closure of Shanghai in the second quarter of this year, which caused chaos in the economy and people’s lives.

Michael Hirson, director of China research at 22V Research, a New York-based firm that specializes in investment strategies, told The Wall Street Journal that Li Qiang, as Xi’s loyal follower, will never question any of Xi’s policies that could damage the economy.

Li Qiang will faithfully carry out Xi’s will, but if he becomes China’s next prime minister, he may have more influence than Li Keqiang, people familiar with the matter said.

Mr. Xi has promoted to the Politburo another economic cronie, He Lifeng, who, along with the soon-to-be new premier, Li Qiang, will be tasked with tackling some of the toughest challenges facing the Chinese economy. Debt remains high, the real estate market slumps, young people face mass unemployment, and they face increasing political friction with key export markets in Europe and the United States.

He Lifeng went to work in Xiamen, Fujian in 1984. In 2009, he served as deputy secretary of the Tianjin Municipal Party Committee. He was responsible for building a new skyscraper, Binhai New District, on the outskirts of Tianjin. Originally intended to be an ultra-modern financial district, it failed to attract many businesses and owe a lot of debt.

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