Xi Jinping's speech is indicative of China's commitment to her sovereign minded political system and unique "market socialist" economic system that have guided China to becoming a world class economic powerhouse.
Chinese President Xi has addressed a large meeting of the Communist Party of China (CPC) in preparation for the forthcoming 19th National Congress of the Communist Party of China.
During a wide ranging speech, President Xi stated that China must reaffirm and bolster both its Chinese characteristics as well as the socialist traditions of the CPC. According to Chinese media, Xi stressed “that socialism with Chinese characteristics had been the theme of all the Party’s theories and practices since the reform and opening up in 1978”.
1978 was the beginning of landmark internal reforms in China by Deng Xiaoping who was China’s Paramount Leader between 1978 and 1989. During this time, China embarked no a programme Deng called “market socialism”.
“A basic contradiction between socialism and the market economy does not exist”.
This underlies the pragmatic reforms which have underscored China’s economic boom, one which has led the country to becoming a global economic super-power which is set to fully overtake that of the United States in areas where it has not already done so.
This reality was made unambiguous when the IMF head Christine Lagard recently confirmed that it may move its headquarters from the US to China in line with the fact that the IMF must be located in the world’s top economy.
China’s economic miracle was accomplished without changing its political system nor its independent foreign policy. ...
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