Chinese President Xi Jinping kicks off the ruling party’s 20th National Congress – held once every five years – with an opening speech at the Great Hall of the People in Beijing on October 16, 2022. The week-long event should pave the way for him to stay on for an unprecedented third five-year term.
Christmas Celis | AFP | Getty Images
BEIJING (Reuters) – Chinese President Xi Jinping affirmed on Sunday the country’s recent shift away from rapid growth and a greater focus on national self-sufficiency, particularly in technology.
Xi was speaking at the opening ceremony of the 20th National Congress of the ruling Communist Party of China, which is held once every five years. His same speech in 2017 began with extensive discussion of China’s economic growth.
In contrast, Xi began his remarks on Sunday with a greater focus on China’s “national rejuvenation” and its opposition to Taiwan independence.
Xi briefly mentioned in this opening section how the country’s Covid policy has achieved “positive results” in coordination with economic development. He did not say whether the policy would end or continue.
China’s Covid controls have helped the country quickly return to growth in 2020. But the controversial “zero-Covid” policy has become increasingly stringent this year, prompting investment banks to repeatedly cut growth estimates for China.
Looking ahead, Xi stressed that the country needs a solid technological base to achieve its modernization goals. Some of the areas he mentioned include improving the quality of Chinese manufactures, the country’s capabilities in space transportation and digital development.
“Without a solid material and technological foundation, we cannot hope to build a modern great socialist country,” Xi said in Chinese, according to an official English translation.
Since the 19th National Party Congress, the United States has increased its pressure on China. The Biden administration has called China a strategic competitor and this month announced new export controls on semiconductors — in a bid to maintain the United States’ technological advantage over China.
Xi did not mention specific countries in his nearly two-hour speech.
However, he devoted a section to how the country would emphasize education to develop its own scientific talents and accelerate the launch of national projects of “strategic” and “long-term importance”. He did not provide further details.
He hasn’t left out growth plans either. Xi said the country will aim to boost productivity, make its supply chains more resilient and increase overall economic output.
“High quality development”
The overall speech set a framework for Xi’s near-term plan for China, which he said is to “fundamentally realize socialist modernization” between the years 2020 and 2035.
He touted past successes – in building the world’s second-largest economy and transforming it into a “major destination for global investment” – as achievements already on the books.
The Chinese Communist Party has already announced 100-year development goals – to “build a moderately prosperous society in all respects” by 2021 and “build a modern socialist country that is prosperous, strong, democratic, culturally advanced and harmonious” by 2049.
Xi’s list of “essential requirements” for Chinese modernization began with maintaining the leadership of the Communist Party of China, followed by “high-quality development.”
The list included achieving common prosperity – moderate wealth for all rather than the few – and “harmony between mankind and nature”.
China’s Xi previously announced plans to reach peak carbon emissions by 2030 and carbon neutrality by 2060.
Analysts attributed China’s renewed focus on common prosperity last year to a crackdown on internet technology companies and after-school education companies. These measures, in addition to China’s Covid controls, have made foreign investors increasingly cautious about potential growth opportunities in the country.
On Sunday, Xi spoke of promoting a “healthy” online environment. He said the country would encourage enrichment through hard work and expand its middle class. He indicated that China would standardize an unspecified mechanism for wealth accumulation.
He did not specifically address China’s current problems in real estate, but repeated earlier statements about accelerating measures to encourage both home purchases and rentals.
Xi warned of “dangerous storms” on the way ahead and called for commitment to party leadership, “reform and opening up” and other principles.
After leading the Chinese Communist Party and the country for the past decade, Xi is expected to further cement his power at the party’s 20th National Congress. Next weekend, the names of the new central team around Xi are due to be announced.