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US-China decoupling
EconomyChina Economy

Xi Jinping braces for turbulence ahead as China’s relations with US continue to deteriorate

  • China’s Politburo has acknowledged the challenging external environment, but says the nation will continue to enjoy a ‘strategic period of opportunities’
  • President Xi Jinping says China’s track record of bringing the coronavirus outbreak under control shows the effectiveness of the country’s governing system

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President Xi Jinping says China’s quick economic recovery from the pandemic has proven the effectiveness of the country’s governing system. Photo: Kyodo
Zhou Xin

Chinese President Xi Jinping on Thursday declared initial victory in achieving the Communist Party’s 2020 development goals and began laying out a long-term plan to manage a rapidly changing international environment highlighted by Beijing’s deteriorating relationship with the United States.

The 25-member Politburo, the supreme decision-making body headed by Xi, had its midyear gathering on Thursday and discussed the country’s 14th five-year plan covering the period from 2021-25, as well as a “2035 vision”, according to the official Xinhua News Agency.

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The meeting comes just days after Washington made it clear it would abandon its decades-long policy of “engagement” with China, a change that could put an end to the accommodating external environment that helped China’s economic rise over the past 40 years.

Xi, the most powerful Chinese leader in decades, said China’s track record of bringing the coronavirus outbreak under control and its quick economic recovery had proven the effectiveness of the country’s governing system.

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“The party’s leadership is strong and powerful, the Chinese economy is resilient … and the socialist system with Chinese characteristics has strong vitality,” Xi said.

The 14th five-year plan would mark a move towards “the second centenary goal”, namely turning China into a powerful socialist country by 2049 when the People’s Republic celebrates its 100th anniversary, the Politburo said.

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The country’s first centenary goal of creating “comprehensively well-off society” by doubling the size of gross domestic product this year was in reach, it added.
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