China’s President Xi continues to break conventions – negatively impacting investor sentiment – Bloomberg

2023-12-13 09:06:55

The Chinese leadership held a Central Economic Work Conference on the 11th and 12th, but President Xi Jinping was absent during the second half of this important meeting to decide economic management policy for 2024.

Mr. Xi, who is also general secretary of the Chinese Communist Party, began a two-day official visit to Vietnam on the 12th. According to official records, this is the first time since Mao Zedong, the first Chinese president, that a top Chinese leader left the country during the Central Economic Work Conference following seizing power.

Mr. Xi, who has entered an unprecedented third term in office, has been making notable moves that break diplomatic and party conventions. Investors are increasingly concerned regarding the increasing uncertainty surrounding the government and party, including the sudden change of ministers.

Although Mr. Xi attended the BRICS Summit held in South Africa in August, he did not give a speech at the business forum there, instead having Commerce Minister Wang Wentao read it on his behalf. In September, he was absent from the G20 Summit in India. This is the first time for Mr. Xi to not participate in the G20 summit.

Neil Thomas, a researcher who studies Chinese politics at the Center for China Analysis at the Asia Society Policy Research Institute, said, “Each of these small actions that deviate from conventional norms does not have any particular significance in itself. “The accumulation of these actions reduces the predictability of the policy environment and erodes trust in the business community.”

State media reported that Mr. Xi gave a speech at the Central Economic Work Conference, but did not say whether it was on the 11th or 12th.

The detailed schedule of the meeting has not been made public, and it is not clear from official announcements whether Mr. Xi attended the meeting from beginning to end. The news on the night of the 12th included reports of the end of the meeting and Mr. Xi’s overseas trip.

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Original title:China’s Xi Publicly Skips Day 2 of Economic Event For First Time　(excerpt)

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