China faces a once-in-a-generation economic challenge and the Chinese Communist Party’s (CCP’s) decisions will significantly shape the lives of the country’s 1.4 billion people. This indicates that Chinese President Xi Jinping foresees in his third term that China would be facing the most serious geopolitical and other challenges in the next five years, reported Geopolitica.info. During the 20th Congress of the Communist Party of China (CPC), the obvious happened. Xi Jinping’s intent to continue at the helm of the CPC was clear from the time, the age limit of 65 years was relaxed and the constitutional provision for limiting the term of the office of PRC Chairman was abolished, reported Geopolitica.info. Although Xi’s supremacy was never challenged throughout the conference, it was announced on October 23 that he was elected General Secretary of the CPC Central Committee for the next five years.
Meanwhile, China’s economy is faltering. Unemployment is skyrocketing. Endless Covid lockdowns are wreaking havoc on businesses and people’s lives. The property sector is in crisis, reported Geopolitica.info.
Economists have warned that reversing market-style reform could hamper the country’s growth, reported Geopolitica.info. The Chinese government had “made a lot of mistakes in the last five years with its economy,” the report added .
