The agenda of Xi Jinping

Is the Chinese Communist Party capable of thorough reforms?

Authored by: Willy Wo-Lap Lam

Routledge Handbook of the Chinese Communist Party

Print publication date:  August  2017
Online publication date:  August  2017

Print ISBN: 9781138684430
eBook ISBN: 9781315543918
Adobe ISBN:

10.4324/9781315543918.ch1

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Abstract

Despite the virtual end of the “Chinese economic miracle,” China’s global footprint has increased by leaps and bounds since Fifth-Generation leader Xi Jinping took over the helm of the Chinese Communist Party (CCP) in 2012. The Chinese economy accounts for more than 25 percent of total global growth. The People’s Republic of China (PRC) is the largest contributor of troops to United Nations-mandated peacekeeping missions. China is a major player in global forums such as the G20 and the Asia-Pacific Economic Cooperation (APEC). More significantly, Chinese outbound direct investment (ODI) has since 2015 exceeded inward capital flow – to the extent that “China buys the world” has become the rallying cry of PRC multinationals snapping up oilfields, farms and hi-tech firms around the world ( China Daily 2016; Reuters 2016a). President Xi’s “One Belt One Road” gameplan is a bold attempt to bond China with dozens of countries in Asia, Central Asia, Europe and Africa via infrastructure projects such as bridges, ports and high-speed railways, many of which are financed by Chinese banks and corporations. This is despite worries that with the country’s shrinking foreign exchange reserves – and the CCP administration’s fears about uncontrolled capital outflow – Beijing’s ability to buy influence or project power through means such as ODI and bankrolling infrastructure projects could soon run into serious hiccups (CNBC.com 2017; Xinhua News Agency 2017a). 1

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