Rumors of Xi Jinping stepping down began after a meeting of the Standing Committee of the Party Politburo, the collective leadership group that governs China. Furthermore, a video made by a Canadian-based blogger was doing the rounds on social media before it was censored by China.
According to the blogger, unless a major party meeting is held in the latter part of the year, Xi Jinping will be forced to break away from the Chinese Communist Party. the current
Li Keqiang will take over from Jinping’s side to handle the day-to-day management of the party and government.
To stop the spread of the COVID-19 virus, the Chinese president ordered to “fight resolutely” those who try to question the strict zero-Covid policy. However, the widespread lockdown has disrupted businesses across the country. According to a senior Chinese official, “the pandemic is a ‘stub’ to economic and social development.”
In another press conference, Han Wenxiu, deputy director in the Office of the Chinese Communist Party’s Central Committee on Financial and Economic Affairs, said that the epidemic should be controlled with scientific accuracy, rather than by stabilizing the economy, and securing the country’s development. should be done. Targeting only one aspect.
Strict COVID restrictions have also halted industrial production resulting in disruption of supply chain for the first time. Manufacturing activity witnessed a steady decline, reaching its lowest level since February 2020.
Moreover, as the lockdown in Shanghai continues to extend, analysts at various investment banks have also cut their forecasts for the country’s economic growth. In the month of April, China’s yuan currency declined more than 4 percent, its biggest monthly decline in 28 years.
Apart from this, the stock markets have also been badly hit, which is likely to impact the global recovery as the intense lockdown will affect the sales of companies in China and also affect the supply chain.
Allegedly, all these reasons have led to widespread discontent in China as the Chinese people are losing faith in Jinping’s regime over the difficult conditions under his rule and unsuccessful management.
we are on now wire. Click here to join our channel (@TechiUpdate) And stay updated with the latest technology headlines.
for all the latest Business News Click Here