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Xi Plans to Turn China Into a Leading Global Power by 2050

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Xi Jinping
  • Xi Plans to Turn China Into a Leading Global Power by 2050

President Xi Jinping warned of “severe” challenges while laying out a road map to turn China into a leading global power by 2050, as he kicked off a twice-a-decade party gathering expected to cement his influence into the next decade.

In a speech that ran for more than three hours on Wednesday, Xi declared victory over “many difficult, long overdue problems” since he took power in 2012. He said China would continue opening its doors to foreign businesses, defend against systemic risks, deepen state-run enterprise reform, strengthen financial sector regulation and better coordinate fiscal and monetary policy.

“Right now both China and the world are in the midst of profound and complex changes,” Xi said. “China is still in an important period of strategic opportunity for development. The prospects are bright, but the challenges are severe.”

Investors are watching to see whether Xi will push through tough reforms as the world’s second-largest economy faces structural challenges over the next five years. At the same time, he’s seeking to boost China’s global clout with infrastructure spending while seeking to avoid a conflict with U.S. President Donald Trump over North Korea.

Reaction to the speech in markets was muted, with the benchmark Shanghai Composite Index adding 0.3 percent at the 11:30 a.m. local time break, while the yuan rose 0.2 percent against the dollar.

“We have a fairly clear blueprint of Xi Jinping’s political economy, with incredibly robust, strengthened state-owned sector playing a large role in propping up growth,” Jude Blanchette, engagement director at the Conference Board’s China Center, said in a Bloomberg Television interview. “We’re moving into a sort of China Inc. 2.0, a real upgraded version. That, sure, has markets and they’re going to play a really important role in this, but this is all within a birdcaged economy.”

Xi’s speech — officially known as the party work report, China’s most important policy document — included sections on politics, the economy, national defense, foreign policy and Hong Kong and Taiwan. He reiterated the goal of attaining “moderately prosperous society” by 2020, which has helped drive economic policy over the past five years.

Xi also laid out an ambitious plan to make China a “great modern socialist country” in the following 30 years — part of what he has called the “Chinese dream.” By 2050, he said, the party would be near the goal of achieving a “beautiful China” with the rule of law, innovative companies, a clean environment, an expanding middle class, adequate public transportation and reduced disparities between urban and rural areas.

“Chinese people will enjoy greater happiness and well-being, and the Chinese nation will stand taller and firmer in the world,” Xi said of his vision for 2050.

Xi painted China’s governance system as a unique development model while hailing signature policies like his Belt-and-Road infrastructure initiative and anti-corruption campaign, which has ensnared some 1 million officials since 2012 and sidelined many of his would-be rivals.

Xi affirmed the Communist Party’s supremacy and said that China shouldn’t copy the political systems of foreign nations, repeatedly emphasizing that the country had entered a “new era of socialism with Chinese characteristics.” He called for the rejection of the “Cold War mentality” in addressing global challenges, and said China would never seek global hegemony.

Xi said the Communist Party will strive to fully transform the People’s Liberation Army into one the world’s top militaries by 2050, and emphasized the need to modernize its combat capability.

“A military is built to fight,” he said.

Throughout the week, more than 2,000 delegates to 19th Party Congress will discuss and approve Xi’s report and revisions to the party charter. They will also appoint a new Central Committee, which will elect the party’s Politburo and its Standing Committee — China’s most powerful body — the day after the congress ends on Oct. 24.

Xi is set to emerge as one of the country’s top three leaders along with Deng Xiaoping and Mao Zedong, who founded the People’s Republic of China in 1949. He’ll be looking to secure a majority of allies on the new Standing Committee, which may potentially include possible successors who could rule until 2032.

‘Get Rich’

While economic growth has surprised on the upside in recent quarters, inefficient state-owned enterprises and ballooning corporate debt pose threats to stability. Last year, China saw its slowest full-year growth in about a quarter century, and S&P Global Ratings last month cut China’s sovereign rating for the first time since 1999.

The Communist Party has been adept at changing course and finding ways for its citizens to make money, according to Fraser Howie, co-author of the books “Red Capitalism” and “Privatizing China.”

“The bargain certainly in the past 25 years plus has been forget political freedoms, we will allow you to get rich,” Howie said in a Bloomberg TV interview. “Keeping power has been of absolute paramount importance to the party, and that’s the focus of what these meetings are about.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Kagame Dominates Election with 99.15% of Votes Counted

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President Paul Kagame has taken a commanding lead in the Rwandan presidential election, securing 99.15% of the votes counted thus far, according to the National Electoral Commission.

The provisional results, reported by the state broadcaster Rwanda Broadcasting Agency, indicate a decisive victory for the Rwandan Patriotic Front candidate.

With 79% of the ballots tallied, Kagame’s overwhelming lead leaves his opponents trailing significantly.

Frank Habineza of the Democratic Green Party of Rwanda has garnered only 0.53% of the votes, while independent candidate Philippe Mpayimana has received 0.32%.

The voter turnout has been reported at an impressive 98%, underscoring the high level of public engagement in the electoral process.

The early results suggest a strong mandate for Kagame, who has been at the helm of Rwandan politics since 2000.

Kagame’s administration has been marked by significant economic growth and development, but it has also faced criticism for its stance on political dissent and freedom of expression.

Despite this, Kagame remains a highly popular figure in Rwanda, with many citizens crediting him for the country’s stability and progress.

The National Electoral Commission is expected to release the final results in the coming days. As the tallying continues, Kagame’s supporters have already begun celebrating his anticipated victory.

Analysts believe that Kagame’s likely re-election will provide continuity in Rwanda’s economic policies and development programs.

However, they also call for more inclusive governance and respect for political freedoms to ensure long-term stability and growth.

Kagame’s near-unanimous support in the early results reflects his entrenched position in Rwandan politics.

His ability to maintain such high levels of support will be a focal point of discussion in the aftermath of the election.

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Kenya Prepares for More Protests Over Unresolved Political Crisis

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Kenya is on the brink of another wave of anti-government protests as efforts to resolve the nation’s escalating political crisis appear to have stalled.

President William Ruto’s proposal for a national dialogue has yet to take off, leaving the nation in a state of heightened tension.

Activists have called for demonstrations across the East African nation on Tuesday, protesting the government’s failure to hold security forces accountable for the deaths of at least 41 people.

These casualties occurred during protests against Ruto’s contentious plan to raise taxes over the past month.

Despite the president’s announcement last week that national dialogue would commence on Monday to defuse the situation, progress has been elusive.

The main opposition party, the Orange Democratic Movement (ODM), expressed uncertainty regarding the proposed talks.

“We haven’t received any invitation,” ODM Secretary-General Edwin Sifuna stated. “When called, we’ll go because we are keen on getting broad-based reforms.”

A spokesperson for the presidency indicated that parliamentary leaders were managing the planned talks, but National Assembly majority leader Kimani Ichung’wah did not respond to requests for comment.

Protests initially erupted in mid-June over Ruto’s plans to increase taxes on essential goods, including bread and diapers, aiming to raise over $2 billion to reduce the government’s budget shortfall.

The public outcry forced Ruto to abandon the proposal, but dissatisfaction remains high.

Last week, in a dramatic move to quell public anger, Ruto fired almost all his cabinet members, underscoring the severity of the discontent.

The scrapping of the tax measures is expected to widen the government’s budget deficit to 3.6% of GDP in the current fiscal year, up from a previous projection of 3.3%.

This financial strain has not gone unnoticed; Moody’s Ratings downgraded Kenya’s rating by a step to Caa1, plunging it deeper into junk status, highlighting the country’s deteriorating fiscal condition.

On Saturday, Ruto vowed to hold accountable those responsible for the recent killings. However, his efforts to address public concerns seem insufficient to stem the tide of unrest.

On Monday, he called on the Ford Foundation, an organization promoting civic engagement, to clarify its role in the protests, though the foundation did not respond to requests for comment.

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Rishi Sunak Announces Resignation Amid Labour’s Sweeping Victory

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Rishi Sunak

Prime Minister Rishi Sunak has announced his resignation as the leader of the Conservative Party following a historic victory by Labour in the general election.

Addressing the nation from the steps of 10 Downing Street, Sunak expressed his deep regret and took full responsibility for the party’s defeat.

“I would like to say, first and foremost, I am sorry. I have given this job my all,” Sunak began, visibly moved.

“But you have sent a clear signal that the government of the United Kingdom must change. And yours is the only judgement that matters. I have heard your anger, your disappointment, and I take responsibility for this loss.”

The Conservatives experienced a staggering loss, with more seats taken by Labour than in any previous election.

This shift marked a dramatic change in the political landscape, as large swathes of the country turned red. Sir Keir Starmer, leader of the Labour Party, claimed victory early Friday morning, addressing a jubilant crowd of supporters.

“The UK has the opportunity after 14 years to get its future back,” Starmer proclaimed.

Sunak, who retained his seat in Richmond, North Yorkshire, described the night as “sobering.”

In his concession, he stated, “The Labour Party has won this general election, and I have called Sir Keir Starmer to congratulate him on his victory. The British people have delivered a sobering verdict tonight; there is much to learn, and I take responsibility for the loss.”

Following his resignation speech, Sunak and his wife, Akshata, departed from Downing Street for Buckingham Palace to formally tender his resignation to King Charles III.

A spokesperson for the King confirmed, “His Majesty was graciously pleased to accept.”

Reflecting on his tenure, Sunak said, “I am honoured to have been your prime minister. This is the best country in the world.”

He also acknowledged the many Conservative MPs who lost their seats, stating, “It pains me to think how many good colleagues who contributed so much to their communities and our country will now no longer sit in the House of Commons. I thank them for their hard work and their service.”

As the Conservative Party faces a period of introspection and rebuilding, Sunak emphasized the importance of the party’s role in opposition.

“It is important that the Conservative Party now rebuilds and also takes up its crucial role in opposition, professionally and effectively,” he noted.

The leadership race within the Conservative Party is expected to commence shortly, as the party seeks to navigate its path forward after this significant electoral defeat.

For now, the UK braces for a new political era under Labour’s leadership, with the promise of significant changes on the horizon.

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