25 October 2022
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By Jakub Godlewski Bez kategorii

Xi Jinping’s “limitless” presidency. What does it mean for the future of the world economy?

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On the 22nd of October, the Chinese Communist Party meeting ended. Thus starting Xi Jinping’s unprecedented 3rd cadency in the position of the President of the People’s Republic of China. Unprecedented because of the term limit, which was established in the early 1990s by the CCP, to “prevent rival groups, or one individual leader, from becoming too influential”[1]. Xi got rid of these limits, which made it possible for him to be the President of the PRC for another cadency. But what does it mean for the future of the world economy?

I believe it means, Xi Jinping will lead China to gaining more influence in the worlds economy by investing more and more in Africa. African population growth rate has been skyrocketing, and analyst predict that “By 2050, a quarter of the world’s people will be African”[2]. On the example of China itself, population growth, means economical growth. Thats why Xi Jinping has been investing over $23 billion in Africa, building Infrastructure[3]. China is already Africa’s biggest trade partner. The total Chinese-African trade value hit $254 Billion in 2021 growing by 35% in relation to 2020[4]. It is hard to predict how much will this trade value grow in the future, but based on the predicted growth of Africas economy, we can safely say that probably by a lot.

Sources:

[1] Lin, Andy, et al. “All the Emperor’s Men.” Financial Times, 2022, ig.ft.com/xi-jinping-emperors-men/. Accessed 2022. 

[2]Paice, Edward. “By 2050, a Quarter of the World’s People Will Be African – This Will Shape Our Future.” The Guardian, 2022, www.theguardian.com/global-development/2022/jan/20/by-2050-a-quarter-of-the-worlds-people-will-be-african-this-will-shape-our-future. 

[3] McDonnell, Tim. “China Has Invested More in Africa than the Other Top Eight Lenders Combined.” Quartz, 2022, qz.com/africa/2125769/china-has-invested-23-billion-in-africas-infrastructure/. 

[4] Mureithi, Carlos. “Trade between Africa and China Reached an All-Time High in 2021.” Quartz, 2022, qz.com/africa/2123474/china-africa-trade-reached-an-all-time-high-in-2021/. 

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