Brazil will host the BRICS summit from Sunday with pressing international issues — including the Israeli attack against Iran, the Gaza crisis and US President Donald Trump’s trade tariffs — under cautious discussion. But Chinese President Xi Jinping was not in attendance for the first time in his over 12-year rule. The development came amid growing speculation that the Communist Party chief was laying the groundwork for an orderly power transition ahead of a possible retirement.
Chinese Premier Li Qiang will lead the delegation attending the event in Rio de Janeiro on Sunday. This is the first time since he became president that Xi Jinping will miss the summit of the emerging economies. The decision to delegate power comes amid a continued tariff war with Trump and continued speculation that the CCP chief is planning his retirement.
According to the state-run Xinhua news agency, the powerful 24-member Political Bureau of the ruling Communist Party of China had reviewed a set of new regulations on the work of the party’s institutions during a June 30 meeting. A China-based political analyst told PTI that the regulations on these party bodies could hint at preparations for retirement. The overseas Chinese dissident community in recent months was abuzz with speculation of a power struggle within the secretive and tightly controlled CPC.
Others believe that Xi — regarded as the most powerful leader after CPC founder Mao Zedong — may be delegating some powers to focus on larger issues. The recent decisions also come amidst a tariff war with Trump that has disrupted China’s USD 440 billion exports to America, besides major headwinds faced by the Chinese economy, with growth falling due to continued slowdown, and the collapse of the housing market, the mainstay of the economic growth.
The crisis was exacerbated by the government’s attempts to rein in the corporate sector and the unsuccessful zero COVID policy of shutting down Chinese cities during the height of the pandemic, resulting in the industry and business coming to a grinding halt.
Credit: Financial Times
