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Chinese leader Xi Jinping is widely regarded today as the country’s most powerful leader since Mao Zedong. But in his latest book called “China Coup: The Great Leap to Freedom” China-watcher Roger Garside predicts that he will soon be removed from office. A quick overview of the power Xi has amassed: In November 2012 he was elected Communist Party General Secretary and Chairman of the party’s Central Military Commission, making him China’s paramount leader. A few months later he launched a national anti-corruption drive which many see as having been conducted outside the framework of due process. It’s seen the downfall of hundreds of thousands of officials and functionaries. In 2018, the National People’s Congress abolished term limits for the president and vice-president, making Xi a potentially life-long leader. And in 2020 Xi called anti-monopoly efforts against online firms one of the country’s chief goals. A speech by Alibaba founder Jack Ma criticizing the party is said to have infuriated Xi.
Billionaire investor George Soros, a frequent critic of Xi Jinping’s regime, spoke out again on Monday, charging mutual fund giant BlackRock with misunderstanding China under Xi’s rule and risking their clients’ money and US national security in the process. At the heart of that misunderstanding is BlackRock’s belief that there is a fundamental difference between state-owned and private industry within China, but following crackdowns on Jack Ma and Alibaba, Didi and other Chinese companies listing on American stock exchanges, and tech giants like Tencent, that is no longer the case. As crackdowns now spill into other industries, including education and entertainment, and as Xi increases the pace of his march toward dictatorship, questions of whether any company in China is free from CCP control and just how deep American investments in China should be are more pressing than ever. –