Chinese President Xi Jinping won his third consecutive term in the history of the Chinese Communist Party since Mao Zedong on October 23 (Jett and Lebowitz). At this time, he purged all other factions, such as Hu Jintao, and is taking steps to appoint a large number of figures from his crown prince party. This behavior is typical dictatorship turd. After all, it can be seen that Xi Jinping is aiming for a long-term power like Putin in Russia.
However, Xi Jinping’s dictatorship is the same bad news for the Chinese capitalist market. China’s zero-corona containment policy has become a target of fear for foreign companies affected by the Shanghai
blockade. Many companies are moving to withdraw their Chinese subsidiaries to focus on Southeast Asia. In addition, anxiety over the economic market is growing due to the blockade of the Foxconn factory, and inflation has also increased significantly compared to January. Moreover, the collapse of the real estate market due to the shrinking population has become the main culprit behind the widening gap between the rich and the poor in China.
Due to these problems, the value of the yuan is significantly decreasing, and the escape of foreign companies, which are wary of interference in the capitalist market due to long-term power, is accelerating. Indeed, attention is being paid to how Xi Jinping’s future policies will affect the Chinese economy.
By. Junhong Park