China is undeniably an anomaly, a powerhouse. In 2016 there were just 16 Chinese billionaires now two years later one in five billionaires are Chinese which can be put down to the property market boom and also many Chinse companies going public which inflates net worth’s dramatically. Despite this Xi Jinping power has been growing since his election in 2013, in just 5 years he has managed to cement his place firmly at the top of the Chinese Communist party. Going as far as introducing ‘Xi Jinping Thought’ which is essentially lays out China’s military and political ambitions and actions for the future to come which puts him at the same level as Mao Zedong and Deng Xiaoping.
His doctrine aims to strengthen the economy, the military and ultimately make China the world’s superpower trumping the United States. This is realistic to be achieved but the authoritarianism in China will slowly grind down the economic progress China has so far achieved thanks to economic reforms. Xi Jinping’s centralization of power is worrying for investors and financial analysts worldwide even if many Chinese economists don’t want to admit it. His fight to stem out corruption has seen the linearization of local governments across the whole country with China being a massive place close to the size of Europe. One policy will not fit all and this is showing with decisions about infrastructure budgets not working in more mountainous less developed regions in China compared to how well they work in the developed flat coastal areas.
China has the chance to eclipse the United States but it could become the next USSR in that it ultimately falls due to mismanagement and corruption which are inevitable in one party rule where it is hard to be held accountable. This brings back memories to the great famines of Mao Zedong where millions died of starvation due to mismanagement.