The Indian Wire » World » Chinese President marks Chinese economy 40th anniversary

Chinese President marks Chinese economy 40th anniversary

The Chinese President Xi Jinping has given a worded speech on Tuesday, warning other countries not to “dictate to” Beijing. Jinping has attempted to strengthen the confidence of the country’s slow economy and his leadership.

The speech was made to mark the 40th anniversary of opening up of the Chinese economy. Jinping said, “No one is in a position to dictate to the Chinese people what should or should not be done.” He further said, “We must resolutely reform what should and can be changed, we must resolutely not reform what shouldn’t and can’t be changed.”

Jinping’s speech comes after the economic growth of the country in recent years which led China to become world’s second largest economy. Then leader Deng Xiaoping has on 18 December, 1978, initiated officially a transition of China from “command economy” to a “market economy” or “socialism with Chinese characteristics”.

Observers has hoped that Jinping would be laying out few new directions or reforms, which is needed to help the economy of China. Instead Jinping’s remarks were focused on supremacy of the ruling communist party of China.

Jinping said, “Grain coupons, cloth coupons, meat coupons, fish coupons, oil coupons, tofu coupons, food ticket books, product coups and other documents people once could not be without have now been consigned to the museum of history.” He further said, “The torments of hunger, lack of food and clothing, and the hardships which have plagued our people for thousands of years have generally gone and won’t come back.” Jinping did not gave any further specific details while promising to continue the reforms.

At the economist intelligence unit, regional manager for China Tom Rafferty said, “President Xi was perhaps unsurprisingly long on rhetoric and short on details,” adding, “There will be a sense of disappointment, among both local and international investors, that Xi did not give clearer signals about the direction of future economic reform at a time when the Chinese government’s commitment to market liberalization is seen to have waned.”

Experts has stated that Jinping’s first term was focused on the political goals like anti-corruption drive and the crackdown on the dissent. The party has promised to have a “new era” for the opening up of China under Jinping.

A fellow at Harvard University’s Weatherhead center for international affairs, Julian Gewirtz said, “Despite all of the intense international pressure and domestic concerns about economy, Xi’s speech focused on making a case for the strength of China’s current path,” adding, “But will this rhetoric succeed in generating confidence? Those who were hoping that Xi would personally make substantive new pledges today will be disappointed.”

The Chinese government has pushed for an industrial plan to be upgrade manufacturing of China called “Made in China 2015”, which has built the United States complaints and allegations over Chinese intellectual property theft. Jinping also reiterated his earlier made promises that China would “never seek global hegemony”.

Jinping said, “China is approaching the centre of the world stage and has become a recognised builder of world peace, a contributor to global development, and a defender of the international order.” Jinping gave over an hour-and-a-half-long speech in contrast to the previous made remarks presented at Chinese Grear Hall.

Jinping also reiterated party’s overall control on the country. Jinping said, “Whether it’s the party, the government, the army, ordinary people or students, the east, the west, the south, the north or the middle, the party leads everything.”

Reach out to The Indian Wire!

Want to work with us? Looking to share some feedback or suggestion? Have a business opportunity to discuss?

You can reach out to us at [email protected] and we will get back in minutes.

Like us on Facebook!