As China's Xi gains power, parliament prepares to bolster risk battle
China’s annual parliament gathering kicks off on Monday as an ever-stronger President Xi Jinping presses ahead with efforts to ward off financial risks without undermining the economy, Reuters reports.
The run-up to the National People’s Congress meeting has been eventful, with the ruling Communist party announcing on Feb 25 that it was eliminating the two-term limit for the presidency. The move is expected to be ratified by parliament, paving the way for Xi to serve indefinitely.
China also seized control of the once high-flying and acquisitive Anbang Insurance Group Co Ltd and said it had prosecuted the group’s chairman, the most dramatic move yet in Beijing’s effort to curb risk in its financial system.
China’s annual parliament meeting is poised to reinforce Xi’s resolve to ward off financial risks to ensure the economy’s ascent, even as concerns grow about possible policy repercussions from his expected extended stay in power.
Stability is the watchword this year as Xi pursues his grand vision of turning China into a“strong power” on the world stage by 2050 and becoming a“modestly prosperous” nation by 2020.