Xi Jinping on Friday sealed a historic third term as China's president.
Xi Jinping on Friday sealed a historic third term as China's president.China's slowing economy will likely dominate Xi's next five years but his decision to pack the Communist Party's top leadership with loyalists has stoked concerns about him prioritising ideology at the expense of growth.
With the United States promising to prioritise maintaining "an enduring competitive edge" against China as they battle for dominance over technology, Beijing may find itself under growing pressure internationally as growth slows at home.Relations between Beijing and Washington have been on a steady decline in recent years, with the two sides butting heads over a number of issues including trade, human rights and the origins of Covid-19.
Xi himself also made a rare direct rebuke of Washington this week, accusing "Western countries led by the United States" of trying to thwart China's rise. Any move to invade Taiwan would wreak havoc with global supply chains given the island is a major supplier of semiconductors -- an essential component of nearly all modern electronics.
Drew Thompson, a visiting senior research fellow at the National University of Singapore's Lee Kuan Yew School of Public Policy, said the "sustained, year-on-year" spending increases made Beijing's claim that its military modernisation does not threaten its neighbours "ring hollow".
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